Ripple announced a lawsuit against YouTube, holding the platform responsible for allowing fraudsters to use the company’s name to try to steal money from viewers.
The company that launched the XRP cryptocurrency is complaining that YouTube, the video publishing and distribution platform, has been hosting many videos that were using the company’s name to promote scams.
YouTube has actually tried several times to tackle the problem, but with results that are not always effective, if not completely wrong at times.
The most serious problem is the theft of legitimate channels with many subscribers. Scammers exploit a particular technique that allows them to take possession of Chrome’s session ID, and they manage to have access as administrator to some channels, thus ousting the legitimate owner and replacing him/her as the channel’s sole administrator.
Once they have stolen the channel, they often rename it and publish videos that promote scams (usually live).
Ripple’s name has been used several times when renaming these stolen channels, or when posting live shows promising fake XRP airdrops.
Given that the problem has existed since at least December of last year, and it doesn’t seem to have been solved yet, the company has decided to at least file a lawsuit against YouTube, perhaps to ask for the payment of damages suffered, especially to its own image, caused by these countless scams.
Furthermore, according to the company, there is currently a real lack of responsibility on the part of these platforms for the content they promote, which results in disinformation that harms consumers.
Ripple accuses YouTube of being incapable of dealing with this kind of problem, holding it somehow responsible for the fact that fraudsters have managed to scam hundreds of unaware consumers, resulting in the loss of thousands of dollars.
In fact, the company considers these scams completely avoidable, although it has not revealed how.
For example, it cites the fact that Google has begun to take action only now to remove YouTube videos promoting fake cures against the Covid19 coronavirus, weeks after their publication, accusing the company, which owns the platform, of intervening only when the public’s attention reaches considerable proportions.
According to Ripple, large technology and media companies have failed to protect consumers, and are not doing enough to monitor their platforms.
The problem is real, and YouTube’s measures in this regard are far from successful. Even Binance has publicly complained about this in recent months, not to mention the many YouTubers who have been subjected to unfair bans, strikes, or even deletions of their videos and channels.
However, it should also be pointed out that until now, YouTube has always admitted its mistakes, and has tried to stem the problem, but without fully succeeding.