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Ripple Sues Youtube For Allowing Scams That Promised Returns Up to $1 Million

Written by:
Aaron Goldstein
Published on:
Apr/23/2020

Ripple is suing Youtube, accusing the video platform of not doing enough to eliminate crypto-related “giveaway” scams. The payment network wants to force Youtube to protect its users from such scams. Some scammers promise returns up to 5 million XRP or about $930,000 at current prices, but participants in the “giveaway” never received the money, according to court papers.

In the lawsuit, Ripple called on Youtube to correct a number of specific issues. “First, to be more aggressive and proactive in identifying these scams, before they’re posted. Second, faster removal of these scams once they are identified and lastly, to not profit from these scams,” said the company in a statement released April 21.

The sudden Bitcoin demand hike is quite surprising, considering the current situation globally with coronavirus pandemic. As the world struggles to fight the epidemic and navigate its hard-hitting effects, investors are exploring alternative methods to both invest and save their wealth.

The economy of China is predicted to drop by 6.8% during this quarter, with a 3% dip in GDP. Considering the unpredictability with the traditional markets and investments, on top of the fast-approaching halving event, the future might turn out bright for Bitcoin and its holders.

- Aaron Goldstein, Gambling911.com

Business/Financial News

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