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.”
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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.