The CEO of fintech firm Ripple has become increasingly incensed by the escalating number of crypto scams and fake accounts on social media. He has targeted YouTube in particular, calling it the epicenter for imposter scams.
Ripple chief Brad Garlinghouse has unleashed a scathing message directed towards social media platforms for their failure to prevent the dissemination of fake accounts and crypto-related scams.
In particular, he is angered by the imposter giveaway scams that have infiltrated major social media platforms such as Facebook, Twitter, and YouTube.
Across the industry, social media companies have failed to police their platforms from being abused by the entirely preventable imposter giveaway scams. Hundreds of people (including some of you) have been hurt, yet big tech continues to drag their feet. (1/4)
— Brad Garlinghouse (@bgarlinghouse) April 21, 2020
Ripple filed an official complaint with the district court in California detailing the XRP giveaway fraud that YouTube has failed to police.
Garlinghouse added: “Today, Ripple and I personally are taking legal action against YouTube because their platform is the epicenter for imposter scams.”
He said that YouTube has not responded to requests to remove fraudulent content and there is a lack of accountability for social media giants.
“YouTube’s inertia is indicative of an industry-wide problem of a lack of accountability,” Garlinghouse declared.
“In times like these, when consumers already feel vulnerable, it’s more important than ever to protect people from these rampant scams.”
YouTube, meanwhile, is still heavily censoring genuine crypto channels so one must question its agenda in all of this.