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    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

    Why CBN should not extend naira swap deadline – Atiku

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    They want to starve us of funds – IPOB DOS cries out

    ‘Elements’ in Aso Villa want APC to lose election –  El-Rufai

    ‘Elements’ in Aso Villa want APC to lose election – El-Rufai

    Suspected herdsmen ambush Benue policemen, kill DPO

    Suspected herdsmen ambush Benue policemen, kill DPO

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
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    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

    The Okomu Oil Palm Plc announces N7.00 interim dividend for H1 2022

    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

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    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

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    NGX Reg lifts suspension on Trading of Niger Insurance Plc’s shares

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    2022 financial year: UAC of Nigeria posts N2.69 billion loss

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    2023 Bible Lessons on Setting your Financial/Investment Goals

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    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

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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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