Ripple has recently announced a lawsuit against YouTube, blaming the platform for allowing scammers to use the company's name to try to steal money from viewers.
The company that launched the XRP cryptocurrency complains that YouTube, the video publishing and distribution platform, has been hosting many videos that used the company's name to promote scams.
In fact, YouTube has tried several times to solve the problem, but with results that are not always effective, if not completely wrong sometimes.
The most serious problem is stealing legitimate channels with many subscribers. Scammers exploit a particular technique that allows them to take ownership of the Chrome session ID, and manage to gain administrator access to some channels, thereby kicking out the rightful owner and replacing him as the sole administrator of the channel.
Once the channel has been stolen, they often rename it and post scam promoting videos (usually live).
The Ripple name has been used multiple times when renaming these stolen channels or posting live shows that promise fake XRP airdrops.
Since the problem has been around since at least December 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 request payment of the damages suffered, especially in their own image, caused by these countless scams.
In addition, according to the company, there is currently a real lack of responsibility on the part of these platforms for the content they promote, resulting in disinformation that harms consumers.
Ripple accuses YouTube of being unable to deal with this type of problem, blaming him in some way for the fact that scammers have successfully scammed hundreds of unconscious consumers, resulting in the loss of thousands of dollars.
In fact, the company considers these scams to be completely avoidable, although it has not disclosed how.
For example, he cites the fact that Google has begun taking steps only now to remove YouTube videos promoting false cures against the coronavirus – Covid19, weeks after its publication, accusing the company, which owns the platform, of intervening alone. when the public's attention reaches considerable proportions.
According to Ripple, the big tech and media companies have been unable to protect consumers and are not doing enough to monitor their platforms.
The problem is real, and YouTube's actions in this regard are far from successful. Even Binance is has publicly complained about this in the last monthsnot to mention the Many YouTubers who have been subject to unfair bans, strikes or even removal of their videos and channels.
However, it should also be noted that so far, YouTube has always admitted its mistakes and has tried to stop the problem, but without success.