Reports have shown that con-artists have hacked their way into the giant social media app YouTube and over 1.5 million XRP has been stolen through the several fraudulent videos displayed on the platform.
The said videos, categorically satire popular tech individuals or firms, informing users to transfer some little amount of cryptocurrency to a specified address, in order to get more crypto as profit.
Xrplorers.com forensics took to Twitter updates about the recurring crypto scams on YouTube. It says, about 25% of the looted exchange were from private wallets, while 60% from Coinbase users.
Binance, the World’s Leading Crypto Exchange, has been the most-used virtual asset provider for valeting the stolen assets and it is responsible for washing about 508k out of the 839K laundered XRP.
However, Thomas Silkjær, Founder and CEO, xrplorer.com, advises that Coinbase and other Crypto exchanges try as much as they can to guard and guide their community against malicious visitors.
He further says, they should have all hands on deck and as well warn users to abstain from sending private and secure information to a third-party, not minding who such is/would be.
Moreso, the company is making efforts to safeguard all the XRP accounts in order to prevent future occurrence.
YouTube Seeks Court Dismissal On Crypto-giveaway Scam Complaint Filed By XRP
Recall the step taken by the company in April, when Ripple filed a lawsuit against the giant social media platform, claiming the site is allowing inordinate accessibility of swindlers to steal cryptocurrency, as a result of their negligence.
The lawsuit, however, requested recompense for damages to XRP, and its reputation be protected again.
YouTube in the said month swung into action by providing a novel system for fast-checking, which would serve as a guide for users to ascertain videos containing deceptive content.
It further revealed how they hold their platform on high esteem, hence, attending to any act resembling impersonation or scam, almost immediately.
Nevertheless, YouTube has asked the United States court to terminate the grievance filed against it by XRP.
Despite that YouTube has provided a fast-checking system for viewers in the US which would help them identify and steer clear videos displaying misleading info, the giant social media platform, seeks to dismiss the alleged claims by Ripple.
YouTube, in a federal court in the US says, it preferred to rather remove XRP from its site as the former has laid claim that it is not in any way responsible for any scandalous acts suffered by the firm and its CEO. It cited Section 230 of the U.S. Communications Decency Act, to polish its proposal.