Ripple Labs, one of the biggest investors in XRP, and CEO of the company, Brad Garlinghouse, have decided to reach an agreement in a lawsuit that marked the past year.
Ripple and Garlinghouse filed a lawsuit against social media giant YouTube on April 21, 2020, for not blocking XRP scammers, according to Cointelegraph’s report. Sometimes fraudsters deceived users by pretending to be affiliates of the company, sometimes by promising to distribute XRP for free.
Garlinghouse, he explained as follows:
“Ripple and I sued YouTube last year for not following its own policies and allowing fake accounts (pretending to be verified accounts for me and Ripple) to do free XRP distribution scams. we have agreed to work together for the purpose.
Stating that social media platforms have started to accept the role of crypto scams, Garlinhouse said that they have started to understand that these platforms should be a part of the solution.
Ripple CEO, while the terms of the deal He stated that he was kept secret:
“While the specific deal terms are kept confidential, it is quite clear that the lack of credibility and action is undermining trust in the industry, especially now that governments around the world are watching crypto closely.”
Ripple has been grappling with consecutive lawsuits in recent months. Lastly, the US Securities and Exchange Commission sued the company and its executives for violating the securities laws by selling XRP. Following the lawsuit, many exchanges such as Coinbase, OKCoin and Blockchain.com decided to suspend XRP transactions.