Ripple and YouTube have ended a legal battle that began in April over allegations related to cryptocurrency fraud. US blockchain has sued the video platform for negligence in tackling cryptocurrency scammers posing as Ripple.
The content of the decision is confidential
In a Twitter feed, Ripple CEO Brad Garlinghouse announced that the two parties have agreed to work together to prevent, detect, and eliminate XRP fraud spread on YouTube.
Mr. Garlinghouse confidentially explained the terms of the settlement, noting that the blocking company did not disclose material details. He added:
Social platforms are starting to realize the role they play in cryptocurrency fraud and see that they need to be part of the solution. Some, like @xrpforensics, help track/trace stolen funds, but platforms need to take the initiative themselves, otherwise it will remain pure madness.
Ripple’s anger against YouTube erupted in April 2020 when the company filed a lawsuit against the video platform, accusing it of not doing enough to clean up cryptocurrency scams.
By filing the complaint, the blockchain company wanted YouTube to take sufficient measures to protect its users from such scams. At the time, fake XRP gifts on the platform were getting out of hand, with some scammers promising up to 5 million XRP, or about $930,000, in exchange.
Court grants YouTube’s motion to dismiss Ripple trademark complaint.
Garlinghouse spoke out on the issue, revealing several examples of scammers posing as multiple fake gifts. He also said:
(This) points to a problem of lack of accountability across the sector. Victims have to go to a lot of trouble to report these scams, and often they don’t even succeed.
As a result, in November 2020, the Northern District of California granted YouTube’s motion to dismiss Ripple Labs’ trademark infringement suit.
Ripple alleged that the video platform allowed scammers to infringe on the trademark rights of the company and its CEO.
What do you think about the end of the legal battle between Ripple and YouTube? Let us know your comments in the section below.
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blockchain, fake gifs, gif scam, ripple, ripple labs, ripple lawsuit, ripple youtube, XRP, XRP scam, YouTube, youtube ripple
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frequently asked questions
Will XRP go to $1,000?
No, Ripple XRP will never reach $1000. After all, its total revenue is less than $100 billion, which means it would need a market capitalization of $100 trillion to reach the $1,000 price point.
Can XRP be tracked?
No, a Ripple transaction between individuals is fully encrypted and therefore cannot be traced by the company. However, if you make transactions through institutions such as AmericanExpress, they will be tracked.
Will this make you a millionaire?
I think the answer is simple: No, 200 Ripple coins will not make you a millionaire in the future. Ripple itself is worth 500 trillion, so much so that a future millionaire could be equivalent to $10,000 in today’s currency. … So 200 coins would be worth $2,000.
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