Youtube is said to have settled a court case brought by Ripple that alleged the video platform failed to enforce its own policies and allowed fake accounts to impersonate the blockchain payments company and its CEO Brad Garlinghouse.
In a series of tweets Tuesday, Garlinghouse said the companies have now opted to "work together" with YouTube to "prevent, detect and take down these scams."
In April, Ripple sued the video streaming giant for failing to effectively police against scams involving the cryptocurrency XRP, resulting in monetary damage to users and reputational harm to Ripple. The lawsuit focused on the “XRP Giveaway” frauds, which aim to trick victims into believing that if they send some amount of XRP they will receive a greater amount in return.
In his tweets, Garlinghouse went on to add, “Social platforms are starting to acknowledge their role in allowing crypto scams to persist and recognize the need to be part of the solution.”
Read more: Ripple, MoneyGram to ‘Wind Down’ Partnership
Details of the agreement between Ripple and YouTube were not disclosed.
"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 [governments] around the world are looking closely at crypto," Garlinghouse said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.