Creators of XRP tokens Ripple has ended its lawsuit against YouTube for its alleged part in the cyber scam that defrauded people through fake XRP giveaways. This announcement was made by Ripple CEO, Brad Garlinghouse.
Fake XRP Giveaways
The scammers were said to have used the video-sharing platform, YouTube, to upload the clips of Garlinghouse to promote their various fraudulent crypto hustles. They also used it to fake XRP giveaways.
The fake XRP giveaways were launched by the scammers in which they solicited sums between 5,000 and 1,000,000 XRP from users on the promise that five times the original amount would be returned to them.
Ripple and Garlinghouse had filed a lawsuit against YouTube, claiming they were well aware of the fake accounts but turned a blind eye towards it because of the monetary profit the platform gained in the process.
“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.” Garlinghouse stated in a tweet.
While the Ripple CEO disclosed that conclusions have been made and that the two firms would work hand in hand to ensure scams like these are prevented, he also called out social media sites generally to be more responsible. According to him, they had the responsibility to police their platforms and rid them of fake accounts.
Fake Celebrity-Endorsed Bitcoin Scam
Scammers’ use of social media networks to hijack names, images, and identities of prominent personalities has become a menace for a while now. As the cryptocurrency market is growing rapidly, scammers are also finding new ways to steal funds.
Recall the popular massive Bitcoin scam where celebrity influencers were being used to promote bitcoin and currency trading schemes only for them to turn out to be scams.
Most celebrities whose identity was stolen had no idea about the fraud, until they discovered that scammers were ruthlessly abusing their images and reputations to defraud innocent people.
The scams were carried out on numerous social media platforms and websites. The social media platforms made known that it was a struggle to take down all scam ads that ran on each platform during the time, as most of them used fake locations, addresses, and phone numbers.