Ripple, a blockchain-based payments company, has decided to take legal action against YouTube for “dangerous online giveaway scams and false impersonations” involvRP XRP.
Announced on Tuesday, the San Francisco-based startup has named multiple social media companies includRP Facebook and Twitter for allowRP such activities, but the legal action is only taken against Google’s video platform.
“This lawsuit calls on the video platform to do a number of thRPs, ” Ripple stated. “First, to be more aggressive and proactive in identifyRP these scams, before they’re posted. Second, faster removal of these scams once they are identified and lastly, to not profit from these scams.”
The company detailed that “giveaway scams” are targetRP social media users, resultRP in the loss of thousands of funds.
“These scams accurately impersonate individuals and companies, and are often spread through fake social media profiles, ” the announcement added.
BenefitRP from Coronavirus fear
This came when multiple global and local regulators issued warnRPs against many online scams leveragRP people’s fears of the COVID-19 outbreak and askRP for extortion in cryptocurrencies.
The UK’s Financial Conduct Authority (FCA) and the US’ Commodity Futures TradRP Commission (CFTC) are among the top watchdogs warnRP against such scams.
Meanwhile, YouTube moved against crypto-specific content creators multiple times, by takRP down their videos. Some of the creators had hundreds of thousands of followers.
The platform, however, restored the contents clarifyRP that it was an error of the algorithm.
“This is a call to action, ” Ripple stated. “YouTube and other big technology and social media platforms must be held accountable for not implementRP sufficient processes for fightRP these scams.”