The CEO of Ripple Labs Brad Garlinghouse tweeted today to inform the followers about the settlement of the lawsuit with Youtube.
Last year, @Ripple and I sued @YouTube for failing to enforce its own policies by allowing fake accounts (impersonating my/Ripple’s verified accounts) to conduct XRP giveaway scams. We’ve now come to a resolution to work together to prevent, detect and take down these scams. 1/3— Brad Garlinghouse (@bgarlinghouse) March 9, 2021
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.