RATE Group | Ripple sues YouTube over cryptocurrency scams | News
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Ripple sues YouTube over cryptocurrency scams | News

21 Apr Ripple sues YouTube over cryptocurrency scams | News

Posted at 20:29h in Cryptocurrency News by

by Thomson Reuters

By Katie Paul

SAN FRANCISCO (Reuters) – Blockchain firm Ripple sued Alphabet Inc’s YouTube on Tuesday, alleging the video-sharing platform failed to protect consumers from cryptocurrency “giveaway” scams that use fake social media profiles to dupe victims into sending money.

The company says scammers on YouTube have been impersonating Ripple and its chief executive, Brad Garlinghouse, to bait viewers into sending them thousands of dollars worth of XRP, a cryptocurrency championed by Ripple, according to a court filing.

The scammers promise to send back up to 5 million XRP, worth nearly $1 million, but victims who participate in the fake “giveaways” never receive any money in return, said the filing.

Ripple says it wants the case to be a “call to action” for the social media industry to stop their platforms from being overrun by fake accounts and misinformation.

“For…

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