Ripple Sues YouTube for Growing ‘Scams and False Impersonations’

Ripple, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term company, has decided to take legal action against YouTube for “dangerous online giveaway scams and false impersonations” involving XRP.

Announced on Tuesday, the San Francisco-based startup has named multiple social media companies including Facebook and Twitter for allowing such activities, but the legal action is only taken against Google’s video platform.

“This lawsuit calls on the video platform to do a number of things,” Ripple stated. “First, to be more aggressive and proactive in identifying these scams, before they’re posted. Second, faster removal of these scams once they are identified and lastly, to not profit from these scams.”

The company detailed that “giveaway scams” are targeting social media users, resulting in the loss of thousands of funds.

“These scams accurately impersonate individuals and companies, and are often spread through fake social media profiles,” the announcement added.

Benefiting from Coronavirus fear

This came when multiple global and local regulators issued warnings against many online scams leveraging people’s fears of the COVID-19 outbreak and asking for extortion in cryptocurrencies.

The UK’s Financial Conduct Authority (FCA) and the US’ Commodity Futures Trading Commission (CFTC) are among the top watchdogs warning against such scams.

Meanwhile, YouTube moved against crypto-specific content creators multiple times, by taking down their videos. Some of the creators had hundreds of thousands of followers.

The platform, however, restored the contents clarifying that it was an error of the algorithm.

“This is a call to action,” Ripple stated. “YouTube and other big technology and social media platforms must be held accountable for not implementing sufficient processes for fighting these scams.”