Cryptocurrency firm Ripple files a lawsuit against YouTube, alleging it of allowing fake XRP giveaways on its platform.
According to the latest reports, major cryptocurrency firm Ripple has filed a lawsuit against video streaming platform YouTube, in a federal district court in Northern California. In the lawsuit, Ripple has alleged that a number of fake XRP giveaways are going on in Youtube and that it has not taken any action against those, despite continuous intimations.
This has resulted in users being scammed of millions of XRP valued at hundreds of thousands of dollars. Furthermore, Ripple has mentioned in its lawsuit that YouTube has repeatedly verified scam accounts and handed them with the verification badge. The crypto firm explained the matter via a tweet yesterday.
We see a need—now, more than ever—to protect our community from dangerous online giveaway #scams and #fake impersonations across @YouTube, @Facebook, @Twitter and more. https://t.co/MCLC2edOQA https://t.co/wycFuIhQXc
— Ripple (@Ripple) April 21, 2020
Ripple is now demanding that YouTube should be stopped from allowing these scams to take place on its platform, and earn the ad-revenue generated from those views. It also published a blog post regarding the issue on its official Medium handle.
As per the post, “At Ripple, our company’s foundation is built on trust and transparency. We embrace these values in every decision we make, whether that is sharing the quarterly XRP Markets Reports or calling for industry-wide regulatory clarity. To further build on these principles, we see a dire need—now, more than ever—to protect consumers around the world from dangerous online giveaway scams and false impersonations across YouTube, Twitter, Facebook, and more.”
Crypto scams have increased over the past couple of months amid the COVID-19 pandemic. Many fraudsters are executing crypto scams in the name of charity. Some vulnerable people are even being blackmailed to transfer their crypto holdings.
As per the data from The Commodity and Futures Commission (CFTC), COVID related crypto scams have resulted in a loss of more than $13 million. Recently, the FBI also issued a warning that it expects a surge in such scams as the global pandemic continues to threaten people worldwide and keep them confined to their homes.
