"Social platforms are starting to acknowledge their role in allowing crypto scams to persist," Ripple's CEO says.
When it comes to crypto scams, Ripple and its CEO Brad Garlinghouse were frequently used as fake figureheads to swindle thousands of dollars from unsuspecting investors.
Last year, Garlinghouse took things into his own hands and sued YouTube.
Now, Ripple has reached a settlement with the video-sharing site, which means that Garlinghouse will no longer sue them for endless “XRP giveaways” hosted by scammers.
In a recent tweet explaining the progress that the companies have made, Garlinghouse said:
"Social platforms are starting to acknowledge their role in allowing crypto scams to persist and recognize the need to be part of the solution. Some, like XRP Forensics, are helping detect/track stolen funds, but platforms need to lead the charge."
Prior to the agreement, Garlinghouse felt that social media companies did little to prevent the removal of scams, which impersonated him and official Ripple accounts — duping victims out of cash. Now, the two companies will work together to identify and take down XRP scams.
Scammers Steal Thousands
As crypto has become increasingly popular over the course of the past year, scammers have become more adept at deceiving the public. Many of the scams ask users to send money to a specific address, promising they’ll get back double in return.
Garlinghouse isn’t the only high-profile figure being used as a ‘Trojan Horse’ in crypto scams. Elon Musk’s name is often touted as promising massive returns and free Bitcoin, with one account linked to a crypto scam receiving 5 BTC.
Celebrities and influencers have also had over $100 million of crypto and other assets stolen following a bout of SIM-swapping hacks.
Now it appears that social media companies are taking things more seriously, but preventing scammers seems easier said than done. Twitter recently suspended several major crypto accounts, as well as the accounts of some of the industry’s biggest influencers.
Subscribe To Our Newsletter!
Check out all the day's top stories in the CoinMarketCap newsletter! It's free — and you can sign up here!
