The emergence of technology has paved the way for a number of cybercrimes. Ripple, unfortunately, happened to be a victim of this. The crypto platform, however, did not turn a blind eye towards these crimes. Ripple decided to hit YouTube with a lawsuit alleging negligence over scammy impersonation videos. While Ripple has been dealing with the SEC lawsuit, YouTube has reportedly decided to settle with the crypto platform.
In a recent tweet, the CEO of Ripple, Brad Garlinghouse announced that the YouTube vs Ripple lawsuit was concluded with a settlement.
Ripple And YouTube To Donate The Settlement Money To A Cybercrime Non-Profit
Ripple chose to put an end to scammy XRP giveaway videos on YouTube with a lawsuit last April. The crypto platform and its CEO asserted that YouTube was making profits out of these scammers over keyword purchases. YouTube, however, hit back and opposed this. This lawsuit sought a solution after both parties decided to settle for an undisclosed amount. These proceeds would reportedly be given to a cybercrime non-profit platform.
The tweet read,
Furthermore, YouTube has joined hands with the crypto platform to wage a war against the fraudsters behind these giveaway videos. He added,
“Social platforms are starting to acknowledge their role in allowing crypto scams to persist and recognize the need to be part of the solution. Some like @xrpforensics are helping detect/track stolen funds, but platforms need to lead the charge or it’s still just whack-a-mole.”
The surge in the value of cryptocurrencies enabled a large number of perpetrators to prey on the industry. Just a few months ago, Twitter accounts of prominent personalities across the globe were hacked. The hackers demanded only one thing, ‘crypto’. These fraudsters are not only showing crypto in a bad light but also directing the governments of several countries to scrutinize the industry.
Garlinghouse shed light on the same and suggested that “accountability and action” were extremely important in the industry. While governments are assessing the prospects of the crypto industry, these crimes could be a major setback to the crypto-verse, he added.