Ripple has settled its legal dispute with Youtube over allegations that the video sharing platform failed to disable scam accounts impersonating its CEO Brad Garlinghouse and offering XRP cryptocurrency give-aways.
The nefarious promotions involved hacked YouTube accounts promising free XRP in return for a small initial payment. A single instance of the Scam reportedly resulted in $15,000 of stolen XRP. Ripple alleged that victims had been defrauded out of millions of XRP valued at hundreds of thousands of dollars.
In a complaint filed with the US district court in Norther California in April last year, Ripple said the scam had caused "irreparable harm" to its public image, brand, and reputation as a "direct consequence of YouTube’s deliberate and inexplicable failure to address a pervasive and injurious fraud occurring on its platform".
In a series of tweets, Garlinghouse says the firms have reached a resolution and will work together to prevent, detect and take down scam acciounts.