CEO Brad Garlinghouse and Ripple have recently announced the ending of the lawsuit filed against YouTube regarding the XRP scams. It had been stated that YouTube had been deriving monetary profit from fraudulent and questionable XRP giveaways. The lawsuit itself was based around YouTube’s alleged complicity in these actions, which were causing harm to Ripple.
YouTube failed to use its powers to stop what was happening, says Garlinghouse
The lawsuit had officially been signed against YouTube LLC last year in April. Brad had stated that YouTube had ample time and opportunity to use their powers to prevent what was happening, however, they remained complicit, and they allowed the scams to take place. Animosity continued to build when it was revealed that YouTube was actually allowing a number of fake accounts to be made on the platform, nearly all of which were promoting scams relating to XRP or some other form of digital trading and cryptocurrency.
However, things seem to have calmed down with the ending of the lawsuit as all parties have agreed to work together in order to ensure that this kind of thing does not happen again in the future. To this end, they will be working together to form new policies, rules and regulations, which will make it increasingly difficult for anyone to commit these fraudulent activities on the platform and derive profit from them. Both Ripple and YouTube have thus said that they will do their respective part to prevent any kind of scam from happening again that can put a dent on either organisation’s reputation.
Scams relied on phishing as social media platforms expected to take more responsibility
It was also later revealed that a large number of the scams had utilised fishing techniques in order to conduct their illegal activities. This, combined with the fake accounts which were designed to imitate investors and influential people such as Brad Garlinghouse himself, resulted in the scams being allowed to happen and subsequently spread in the first place.
It is clear that social media platforms need to adopt a more serious attitude and take responsibility for individuals to exploiting their services for their own gains. Other platforms such as Instagram, Twitter and Facebook could also follow YouTube’s example in order to make sure that this kind of potential disaster does not become a repeatable occurrence in the future.