The CEO of Ripple, Brad Garlinghouse, has spoken of a possible collaboration with YouTube.
This is actually a long story that started several years ago, with YouTube users falling victim to many scams that try to exploit the names of some famous cryptocurrencies, or famous people in the crypto industry, to try to convince them to send money to the scammers with promises of high and immediate earnings.
Given that Ripple is one of the names exploited by the scammers, and that YouTube is having extreme difficulty in blocking these attempts, Ripple itself sued YouTube some time ago, holding it partly responsible for this situation.
Yesterday, however, Garlinghouse wrote on Twitter that the company had come to a “resolution” with YouTube “to prevent, detect and take down these scams”.
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
The agreement between Ripple and YouTube
Garlinghouse also says that the terms of this agreement are confidential, so he can’t reveal more, whereas there is still no confirmation from YouTube.
It must be said, however, that the details of this cooperation will not be revealed, to avoid giving potential fraudsters information that can be used to circumvent controls.
Recently, however, YouTube’s monitoring of this issue seems to have improved slightly, although the problem is still far from being solved, and cooperation with crypto experts may be the only effective solution. After all, such scams are fairly easy to detect by those with experience in the crypto sector, but may be much more difficult to spot by those without such experience.
“Social platforms are starting to acknowledge their role in allowing crypto scams to persist and recognize the need to be part of the solution”.
So while we don’t know the details of this possible collaboration, it’s not implausible that a platform like YouTube would decide to get help from someone with experience in the crypto sector to try and curb these scams that hurt everyone except the scammers themselves.
Finally, it is worth pointing out that the resolution between Ripple and YouTube seems to suggest that Ripple was not able to win the case, but that at the same time YouTube may have admitted some faults.