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- On April, 21, the blockchain firm Ripple filed a lawsuit against the leading video uploading platform YouTube for failure to stop XRP scammers and imitators.
- The Plaintiffs stated that YouTube failed to protect consumers from cryptocurrency scam “XRP giveaways” which utilizes false social media profiles to dupe victims into sending money.
- The company also claims that the scammers have been impersonating Ripple and its CEO, Brad Garlinghouse, to pull viewers into sending thousands of dollars that worth XRP by using the video-sharing platform.
On April, 21, the blockchain firm Ripple filed a lawsuit against the leading video uploading platform YouTube for failure to stop XRP scammers and imitators.
Spear-phishing Attacks Against legal Youtube Channels
As per the official statement, Plaintiff Ripple Labs and CEO Brad Garlinghouse took action against YouTube to prompt an industry wide-behaviour change and set the anticipation of liability.
The Plaintiffs stated that YouTube failed to protect consumers from cryptocurrency scam, often referred to as “XRP giveaways” that utilizes false social media profiles to trick victims into sending money. The company also claims that the scammers have been impersonating Ripple and its CEO, Brad Garlinghouse, to pull viewers into sending thousands of dollars that worth XRP by using the video-sharing platform.
However, the scammer by using malicious email requests the channel’s content creators and often those with authentic ties to Ripple. They assured to payback up to 5 million XRP whose value worth $1 million, but the victims who joined in the misleading giveaways never received any money in return.
The alleged complaints against YouTube pertain:
- Violations of the Lanham Act for Trademark Infringement;
- Violations of California’s Statutory and Common Law Right of Publicity, and
- Violations of California’s Unfair Competition Law.
Garlinghouse wants the case to be a call of action
The CEO of Ripple said he is looking for the case to be a “call to action” for the social media platform and the company didn’t know how these platforms could be mistreated.
On the other side, a representative from YouTube Alex Joseph notified that the company looks upon the abuse of the platform seriously. Also, it acts quickly if they find violations of channels policies, such as scams or impersonation.
The case filed by Ripple in the U.S. District Court for the Northern District of California pointed out that YouTube has harmed the reputation of Both company and the CEO of Ripple.
