Ripple labs CEO Brad Garlinghouse has announced that he’s had enough of the many scams popping up on Youtube in his or XRP’s name.
Through a law firm, he is filing a lawsuit against Youtube LLC, which will be litigated in a California court.
Garlinghouse asks that Youtube pay damages to his company as the subdivision of Google’s Alphabet does not end the many XRP scammers and impersonators and have even added ads to their content.
Both Ripple and Mr. Garlinghouse say that the so-called scams, better known on Youtube under the search term “the XRP Giveaway” has already led to the loss of “millions of XRP valued at hundreds of thousands of dollars”.
The scam consists of recreating YouTube channels from known XRP promoters, after which they are asked to contact them via a false email address.
According to the lawyers of Mr. Garlinghouse, it is then asked to send an amount between 5,000 and 1 million XRP, after which the Youtube video promises to return a return of 5 times the stake.
The complaint continues:
‘YouTube profits from the scam by knowingly selling paid ads on behalf of the fraudsters who are impersonating Ripple and Mr. Garlinghouse. These ads — so-called ‘video discovery ads’ — are designed by YouTube to appear at the top of its search result page alongside organic search results.’
According to Ripple labs, they have already asked Youtube 49 times to remove a video since November last year, and 305 complaints have already been filed against channels claiming to be CEO Garlinghouse.