Ripple Settled the Lawsuit Filed Against YouTube Last Year

by in Cryptocurrency News

Ripple settles with Youtube

The CEO of Ripple Labs Brad Garlinghouse tweeted today to inform the followers about the settlement of the lawsuit with Youtube.

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In April 2020, Ripple accused YouTube of failing to enforce its policies, which resulted in the appearance of different XRP giveaway scams by fake accounts.

Garlinghouse stated that both companies will now cooperate to prevent, find out and remove the scams. In another tweet, he said that although Ripple applies XRPforensics to track stolen funds, social media companies need to take responsibility in such situations. Garlinghouse mentioned that many social media companies have already started to realize their being part of the battle against fraud.

More details about possible compensation and its sum aren't known yet.

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The trial which will determine whether Ripple's native token XRP is a security or not is in the process. The legal actions started on December 23, when the SEC filed a lawsuit against the company.