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Ripple and YouTube have finally ended a long overdue spat and decided to join hands to fund a cybercrime non-profit to combat crypto-scams. Ripple CEO, Brad Garlinghouse tweeted that his company has settled a lawsuit, they’d filed against YouTube over a fake cryptocurrency giveaway, where scammers had impersonated the executive. The settlement amount will now be used by both the companies to donate an undisclosed amount of money to a non-profit fund related to victims of cyber-crime.
Ripple and YouTube Settle Lawsuit to Fund Cybercrime Non-Profit
On March 10, Garlinghouse tweeted that the settlement would result in Ripple and YouTube working together “to prevent, detect and take down these scams.”
He also noted the company has been using a forensics company, XRP forensics, to track stolen funds related to the scams. However, he did add that the social media company needed to do more.
While specific settlement terms are confidential here, it’s clear to all that without accountability and action, trust erodes in this industry, at a crucial time when govts around the world are looking closely at crypto. 3/3
— Brad Garlinghouse (@bgarlinghouse) March 9, 2021
In a media interview, the executive disclosed that the legal settlement will involve YouTube and Ripple funding a non-profit together dedicated to helping victims of cybercrime.
No additional details were provided regarding how much the companies will contribute and whether the fund would provide any cash compensation. Ripple says more information will be provided once the legal work is finalized.
Crypto Scammers Misuse YouTube’s Ad Policies for Cybercrime
Over a while, YouTube has been struggling with misinformation and misleading content. Despite the lawsuits and Google’s own ad policies, cryptocurrency scam ads are still rampant.
In April 2020 the CEO of Ripple, Brad Garlinghouse, filed a lawsuit against YouTube. The lawsuit alleged that the company’s inaction against fraudulent content on its platform has damaged Ripple’s reputation by not preventing fake XRP giveaways. In one instance, a scammer stole $15,000 worth of XRP from a victim.
In July 2020, YouTube moved to dismiss the Ripple lawsuit, relying on Section 230 that protects companies from content liability.
Google has policies that provide details about what kind of ads it can run on its platforms, including YouTube. Under these policies, advertisers are not allowed to run ads, content, or attempts to trick or circumvent the ad review processes.
Due to the complex and evolving nature of cryptocurrencies and their related products and services, Google ad policies can be easily abused by scammers and hackers alike.