Ripple Labs Inc. sued YouTube LLC in San Francisco federal court Tuesday for allegedly failing to stop “scam” channels that impersonate the blockchain company and its president.
Ripple says the scam has defrauded users out of “hundreds of thousands of dollars” or more, and that YouTube has taken insufficient steps to stop it.
Ripple’s products allow financial institutions to transfer money globally. XRP is a digital asset native to Ripple’s platform. According to the complaint, hacked YouTube accounts have been rebranding themselves as belonging to Ripple or its president Bradley Garlinghouse and offering “giveaways” to people who send XRP to ...
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