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    Billionaire businessman Aminu Alhassan Dantata dies at 94

    Billionaire businessman Aminu Alhassan Dantata dies at 94

    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

    EFCC seeks transfer of Orji Uzor Kalu’s trial to Lagos

    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Student Loan Act: How to apply for the loan, all you need to know

    The increased prices of driver’s licenses, number plates set to take effect

    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    • Economic Data
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    • Companies
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    Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

    Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

    AGM suspension: Oando’s shareholder wins court case against SEC

    Oando Plc reports N113 billion profit after tax for Q1 2025 amid N165.6 billion tax credit

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    FY 2020: FCMB Group Plc gross earnings, profit, assets see double-digit growth rates

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    Dangote Petroleum Refinery to begin distribution of PMS and Diesel nationwide

    United Capital Plc receives FMDQ approval to increase size of Commercial Paper programme

    United Capital Group expands into Francophone West Africa

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    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    DMO offers N300 billion FGN bond for auction in May

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    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin crosses US$60K, approaches All-Time High

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    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

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    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

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Cryptocurrency Scam – Ripple Sues YouTube

Wednesday, 22 April 2020, 10:08 am
in Business, Cryptocurrencies, Markets, News, Technology, World
0
Cryptocurrency Scam – Ripple Sues YouTube
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YouTube, said to be the most popular video-sharing platform in the world is facing a lawsuit from Ripple on the allegation that it failed to protect consumers from cryptocurrency “giveaway” scams that dupe victims into sending money using fake social media profiles.

Ripple, which was founded in 2012, uses blockchain technology and digital assets to enable financial institutions to send money across borders, instantly, reliably and for fractions of a penny using XRP.

According to the court filling “Over the past several months, Ripple and Mr. Garlinghouse have suffered—and continue to suffer—irreparable harm to their public image, brand, and reputation as a direct consequence of YouTube’s deliberate and inexplicable failure to address a pervasive and injurious fraud occurring on its platform”.

In a Ripple blog post titled “Enough is Enough, Its Time to Protect the community” it said “At Ripple, our company’s foundation is built on trust and transparency. To further build on these principles, we see a dire need—now, more than ever—to protect consumers around the world from dangerous online giveaway scams and false impersonations across YouTube, Twitter, Facebook and more.”

  • Read Also Nigeria records 117 new Covid-19 cases – highest daily toll
  • China Zhonhhao Nig.Ltd caught up in fraudulent practices

The court filling went further to say that the scammers on YouTube have been impersonating Ripple and it’s CEO Brad Garlinghouse to attract viewers who sent millions of XRP which is the cryptocurrency championed by Ripple worth hundreds of thousand of US dollars.

This lawsuit calls on the video platform, YouTube to do a number of things. 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.

  • Read also First Bank Holdings posts 62.7% rise in profit

Ripple CEO Brad Garlinghouse said that “he wants case against YouTube to be call for action for social media industry”. He went on to say that, YouTube is not the only company with cases of impersonation on its platform.

According to him photo sharing app Instagram which is owned by Facebook has similar cases. However, YouTube was targeted in the lawsuit because it was “slowest to respond and least proactive”.

In the complaint filed by Ripple it also said that “Not only has YouTube failed to stop the Scam, YouTube has also substantially assisted it. First, YouTube has profited from the Scam by aiding and abetting the scammers”.

“YouTube, after it was informed about the Scam on countless occasions, sold and helped the scammers disseminate advertisements—so -called “video discovery ads”—to get more YouTube visitors to view and click on videos perpetuating the Scam.

This lawsuit will open a fresh discuss on the controversial Section of the Communications Decency Act, which protects internet companies like Google, YouTube, Facebook, Twitfrom liability for material that users post on their platforms.

Ripple went further to say that “It’s time to end this unacceptable behaviour and protect our friends, family members and consumers everywhere. YouTube and other big technology and social media platforms must be held accountable for not implementing sufficient processes for fighting these scams.”

“We are here for our community and for everyone, everywhere. Please stay safe, stay healthy and know that actions are being taken to protect you”

Written by

Ifunanya Ikueze

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