Ripple And YouTube Settle The Lawsuit And Will Make Charity Donations

Ripple and YouTube settle the lawsuit over scammers impersonating CEO Brad Garlinghouse and both companies will make charitable donations so let’s read more in our latest Ripple news today.

Ripple sued youTube over a flood of videos in which scammers impersonated the CEO and the settlement will see the companies donate money to a non-profit organization. Garlinghouse tweeted on Tuesday that Ripple and YouTube settled the lawsuit over the flood of videos in which scammers uploaded videos of Garlinghouse to promote different things crypto-related.
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The phenomenon of scammers using social media to steal the names and images of the prominent executives that were pervasive in the crypto space but also in the business world in general. The imposters wanted to impersonate other high-profile CEOs like Elon Musk and Richard Branson on social media just to make some extra money from the public.

Last year, @Ripple and I sued @YouTube for failing to enforce its own policies by allowing fake accounts (impersonating my/Ripple’s verified accounts) to conduct XRP giveaway scams. We’ve now come to a resolution to work together to prevent, detect and take down these scams. 1/3

— Brad Garlinghouse (@bgarlinghouse) March 9, 2021

Ripple and Garlinghouse then filed a lawsuit against YouTube back in April and claimed that the platform turned a blind eye to the problem and profited by letting the scammers purchase keywords to help them target crypto enthusiasts. Ripple’s CEO said that the settlement will result in Ripple and youTube working together to detect and prevent these types of scams noting that the company was using a forensic company to track stolen funds that were related to the scams but then added social media companies will have to do more to prevent these kinds of problems in the future.

In a phone interview, Garlinghouse shared that the legal settlement will involve both companies fund a non-profit together dedicated to helping victims of cybercrime. Ripple also declined to provide more detail as to how much will the companies donate and said it will share more information once the legal work is finalized. Garlinghouse was quite frustrated with social media companies in the past, claiming that they are profitable and can afford to improve their platforms and get rid of impostors. He said:

“I’ve been in Silicon Valley for 24 years. All of the major tech platforms need to take ownership of not only the good they’re doing, but how they are being abused.”

Ripple’s CEO said he is still open to call for reforming Section 230 which is a very powerful law that protects companies from being liable for user behavior. The settlement with YouTube came once the judge threw out an earlier version of Ripple’s lawsuit, describing how the scammers took over YouTube channels and populated them with fake Ripple content and mention saying that in a way, YouTube was a victim of hijacking as well.