TL;DR Breakdown
- Ripple’s YouTube lawsuit was filed in the wake of the news of frauds related to its XRP token.
- Research from various experts disclosed that these scams were done using a strategy known as “spear-phishing.”
Ripple‘s YouTube lawsuit has been called off, according to Brad Garlinghouse. The CEO once accused the top social media outlet with over two billion users of deliberately profiting illegally from its native token — XRP.
According to reports, YouTube was involved in a series of fraudulent activities. Ripple’s YouTube lawsuit was filed in the wake of the news of frauds related to its XRP token. It was believed that the social media outlet was the brain behind the so-called “XRP giveaways.”
However, the CEO has ended the case as of the 9th of February, 2021. Ripple’s YouTube lawsuit was filed last year in April. The global payments solution disclosed that YouTube made tons of profit from illegal XRP giveaways. Adding that the platform was in support of the scam.
Ripple’s YouTube lawsuit explained
In a statement released on Twitter yesterday, Garlinghouse clarified in detail why Ripple’s YouTube lawsuit was enforced. He said, “Ripple and I sued the social media platform in 2020 for approving fraudsters. They should have policies that go against fraudulent activities, such as the so-called XRP giveaways. However, in other to stop these scams from happening sometime in the future, we have decided to work with YouTube.”
Research from various experts disclosed that the scam was done using a strategy known as “spear-phishing.” With this strategy, any YouTube user’s account can be hacked with all contents cleared. What more, the hacked account was used to impersonate any top cryptocurrency individual. On creating a new user from a previous account, these fraudsters promised a fake giveaway in XRPs. According to the research, these fraudsters demanded XRPs ranging from 5000 to 10000 with the aim of doubling the figure for its victims.
This fraudulent act prompted Ripple’s CEO to formulate an ideology which backs his lawsuit. His idea was that YouTube knowing about users’ interests in watching the fake videos, wanted to profit more by running adverts.
The bottom line is that Ripple’s YouTube lawsuit has ended, and information regarding this decision has been kept private. According to Garlinghouse, social media platforms need to be accountable for every crypto-related scam involved in given that there is a consistent increase in the government’s cryptocurrency revolt.
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