Ripple Sues YouTube Over Cryptocurrency Scam Videos
Blockchain firm Ripple sued YouTube on Tuesday, alleging the video-sharing platform failed to protect consumers from cryptocurrency “giveaway” scams that use fake social media profiles to dupe victims into sending money. Reuters reports: The company says scammers on YouTube have been impersonating Ripple and its chief executive, Brad Garlinghouse, to bait viewers into sending them thousands of dollars worth of XRP, a cryptocurrency championed by Ripple, according to a court filing. The scammers promise to send back up to 5 million XRP, worth nearly $1 million, but victims who participate in the fake “giveaways” never receive any money in return, said the filing.
Ripple says it wants the case to be a “call to action” for the social media industry to stop their platforms from being overrun by fake accounts and misinformation. “For every scam, giveaway, fake conspiracy that is taken down, multiple more pop up nearly immediately,” Ripple said in a blog post. “YouTube and other big technology and social media platforms must be held accountable for not implementing sufficient processes for fighting these scams.”
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