The trial between Ripple and YouTube is completed - this was stated by the Director General of the Issuer company XRP Brad Gallinghouse in his Twitter. Recall, in March 2020, Ripple filed a lawsuit against Youtube. The reason for the case was the spread of a huge amount of fake information by fraudsters for the sake of deception of users from the face of both Ripple and Harlinghaus personally. Because it harmed the company's reputation, its representatives decided to defend themselves. But now the problem is exhausted. We tell about the situation more.
To begin with, we remind that Ripple not only gives judicial claims, but also turns out to be the side of the defendants. In particular, in December 2020, the case against the cryptocurrency company was initiated by the Securities and US Exchange Commission. Ripple was accused of "unregistered securities to 1.3 billion dollars", which contradicts regulatory standards.
Here the problem is the approach to the definition of XRP tokens. Representatives of the authorities see in it a valuable paper that must be registered accordingly before launching. At the same time, Ripple employees believe that the XRP should be considered currency, so there should be no questions to them.
Note that after the release of news about the lawsuit against Ripple, the XRP course fell to 35 cents and in the following days fell below. Today, the cost of the tokeny is 45 cents, so in the long run, the situation with the cost has improved - although it has not yet been completed.
In general, XRP showed 111 percent growth for the year and 5.7 percent in two weeks. This is noticeably fewer the results of Bitcoin, Etherium and other popular cryptocurrency. For clarity, we give the XRP schedule since the beginning of 2021.
XRP course schedule from the beginning of 2021Ripple business vs YouTube
The main claim Ripple consisted that Youtube's management allegedly did not take almost any measures to combat fraudsters on its own platform. Those have long used different social platforms and personalities of famous people in order to deceive the gullible and beginner users cryptocurrency, reports Decrypt. In particular, on YouTube, one of the most popular methods of scams was a fake broadcast of distribution cryptocurrency allegedly from the face of celebrities.
Usually, fraudsters report some kind of joyful news, which allegedly is a sufficient reason for distribution of money. The victims of deception are promised to double any amount sent from their address. Well, the sending itself is allegedly needed solely to confirm the address, although in fact money just remain on the wallets of the scammers.
In the series of tweets, Galinghaus said that the court settlement would lead to the fact that Ripple and YouTube will start working together "to prevent, detect and reduce the number of fraudsters." He also noted that the company used the services of a research platform to track stolen means. True, the compensations affected by fraudsters are not yet known.
In a telephone interview with the news publication, Decrypt Garlinghouse said that the legal settlement of the trial will include a round of investments from Ripple and YouTube into a common non-profit organization, designed to fight fraud. That is, in essence they will unite efforts so that this happened on the Internet less often.
At the same time, we believe that overcome the activity of fraudsters in the near future will not work. Yet, they have very convenient conditions for the development of their deception schemes, and remain anonymous when using them is not so difficult.
CEO Ripple expressed disappointment of media companies in general, arguing that they are very profitable and can afford to make more to fight fraudsters. He also described the incident in which he personally reported on the false account named Brad Garlinghouse in Instagram, but the Platform Guide was disagree with his application. All this negatively reflects on the reputation of Halkinghaus, since he has repeatedly gained threats from deceived fans cryptocurrency, who believed in his involvement in fraudulent schemes.
We believe that world in this case is a good outcome for both companies. However, waiting for victory over cryptocurrency fraudsters even early. Since YouTube is a very large platform, blocking the translations of criminals at best occurs some time after launch. So inexperienced investors will continue to lose money - although in smaller volumes.
We hope, as a result, video hosting developers will find an effective decision to combat fraudsters. At least they should warn that sending money to other people's cryptocurrency addresses will most likely end the loss of funds.
Let's hope in the future the activity of fraudsters thanks to the general actions of Ripple and YouTube will significantly decrease. For the development of the situation, follow in our cryptocat of millionaires.
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