The CEO of fintech company Ripple, Brad Garlinghouse, has just announced the end of the lawsuit with YouTube related to a series of videos posted on the video platform in which scammers offered to take part in XRP distributions on behalf of the company.
Ripple filed a lawsuit against YouTube in April 2020 accusing the service of ignoring the issue and its complaints and claiming the actions damaged the company's reputation. The company also claimed YouTube profited from the scammers' videos by adding ads in them. Ripple's CEO said:
"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 govts around the world are looking closely at crypto."
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"We’ve now come to a resolution to work together to prevent, detect and take down these scams," Garlinghouse said. He noted Ripple has used analytics services to track stolen funds and urged social networks to actively fight cryptocurrency fraud. Together, Ripple and YouTube plan to fund a non-profit initiative aimed at helping victims of cybercriminals.