Daily fraud update: 23rd April

ForexFraud

Ripple launches lawsuit against video sharing site YouTube

Blockchain-centred fintech firm Ripple has launched a lawsuit against the video sharing site YouTube.

The suit, which sees both Ripple as a firm and its CEO Brad Garlinghouse named as plaintiffs, comes after allegations that YouTube failed to properly tackle fraudsters who impersonated Garlinghouse and the firm.

According to the text of the complaint, Ripple thinks that a large sum of XRP – which is the firm’s digital token – has been taken as a result of the scams.

In one specific case, it is alleged, fraudsters managed to obtain a figure of around $15,000 in XRP from a trader.

“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”, the complaint reads.

In a long post shared on its website, Ripple went into detail about the alleged “giveaway scams” which have apparently cropped up on YouTube.

In this version of crypto fraud, the scammer will encourage users to send cash on the basis that they will have it – and more – returned.

“’Giveaway scam’ is an industry term that relates to attempts to defraud money from unassuming consumers via social media impersonation, by convincing people that if they send money, they will receive more funds in return—typically through airdrop”, said Ripple.

“These scams accurately impersonate individuals and companies, and are often spread through fake social media profiles.”

“In response to the numerous XRP-specific giveaway scams and impersonations, Ripple hired an external cybersecurity and digital threat intelligence vendor to help with reporting and takedown efforts, in addition to building our own submission form for the community to report unusual activity”, it explained.

In a closing message, the firm said that YouTube ought to be “held accountable”.

“It’s time to end this unacceptable behavior and protect our friends, family members and consumers everywhere”, it said.

“YouTube and other big technology and social media platforms must be held accountable for not implementing sufficient processes for fighting these scams”, it added.

Nigerian man found dead after police probe

A man from Nigeria has been found dead after he was investigated by a branch of the country’s police force.

Seyi Akinade, who was a student in the country, is understood to have committed suicide after he was investigated by the Special Anti-Robbery Squad (SARS) on accusations of forex fraud.

According to social media posts from a person claiming to be his stepbrother, Akinade was suffering from depression.

“It’s definitely a crime to be Nigerian. Nigeria won’t rest until it takes your life!” he wrote.

“My brother died this morning. I can’t help beating myself up for missing the clues he left.”

“My theory is that he committed suicide out of depression based on the way SARS officials treated him”, the man added.

Akinade had been arrested in February.

He was still a student at the time, although he also operated a foreign exchange trading business.


ForexFraud

Latest news

EUR/USD hits $1.18 following German sentiment survey
Despite seeing some positive gains on Monday following the posting of positive news regarding the details of a stimulus package and US labour market data, the USD has suffered a minor blow against the EUR as the economic situation stabilises in Europe. Read more
USD rising against EUR as aid package looms
Having fallen almost 10% since late March, the USD has been taking quite the thrashing as of late. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2012 Global CFD and FX broker
Number One Broker
Best FOREX BROKER Visit broker
5
#2 Forex Broker Pepperstone LogoYour capital is at risk Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
5
#3 Plus500 Logo80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Broker
Number One Broker
Best Trading App Visit broker
5
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
5
#5 BlackBull MarketsYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
5

    Forex Fraud Certified Brokers

    BlackBull Markets Small Logo
    XM Logo
    Oanda Small Logo
    LegacyFX Small Logo
    Oinvest Small Logo
    VantageFX Small Logo
    HYCM Logo
    skilling logo
    Swissquote logo
    City Index Logo
    OctaFX Logo
    XTB Logo
    FXTM Logo
    IQ Option Logo
    Plus500 Small Logo
    Forex.com Logo
    ATFX Logo
    Exness Small Logo