Ripple has been on the news all week due to one reason or the other, and now, the business finally reached an amicable settlement with YouTube. The fintech company had sued YouTube for allowing scammers to impersonate the firm’s CEO, Brad Garlinghouse. After some series of back and forth, they both agreed to settle without much noise.
The suit is understandable due to the vulnerable condition in which Ripple is currently facing. The business does not want to tarnish its image by being associated with scammers, leading to more legal issues. Garlinghouse shared the good news via Twitter, meaning a complete settlement between the two companies.
Ripple blames YouTube for promoting scams
The company filed the suit some time ago when series of scammers were making videos and impersonating the entrepreneur to promote different crypto-related ventures. The industry is known to have lots of bad players willing to ruin the industry’s image for financial gains. The video led to reactions from Ripple as it filed the suit against the online video sharing firm.
For some years now, fraudulent individuals have used many famous faces and names to get people to buy into their idea. This has led to people buying coins and other products based on the impersonated personnel’s false recommendation. Sources understand that this also happens in the general world, and cybercriminals have continued to earn big on deceiving many people.
Also read:Some other personalities like Tesla’s Elon Musk and Bill Gates have been used to deceive people and defrauding them of their hard-earned money. While some people understand that there are criminals on the internet ripping people off, others still fall victims to their cheap gimmicks.
The company had filed the suit since early last year, where it raised some sensitive issues. Ripple claimed that Google-owned company has not been careful concerning issues like that and still profited from selling keywords that target the crypto space
Ripple and YouTube to jointly fund a nonprofit organization
The videos are mainly crypto-related, meaning that it’s only crypto enthusiasts that might be interested in the various services the criminals could be offering. Ripple’s settlement decision is to work with YouTube to eradicate these scams by preventing, detecting, and removing those kinds of videos.
Garlinghouse added that the firm had been some efforts by tracking funds related to the scams but added that it might not be enough until social media companies do more about this. The businessman shared his opinion on Twitter, followed by series of tweets related to social media’s role in preventing scams.
Ripple’s settlement is quite impressive as the company wants to partner with google to eradicate scams like this by jointly funding a nonprofit organization, which helps victims defrauded by cybercriminals. The business refuses to share now details concerning the settlement until the agreements are fully in place. People see this as an excellent move as it will help victims of cybercrime get justice or even get refunded of their deceptively gotten money.
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