Youtube Dragged Into Bitconnect Class Action Lawsuit for Failure to Protect Victims

cryptocuser 2 min read 256

Published at Sun, 08 Jul 2018 23:15:07 +0000
Following the matter has been subjected, a number of prominent individuals on the platform have predicted out Youtubers for boosting Bitconnect, such as Pewdiepie. Now the accusations go deeper than that, blaming the platform itself, which may have terrifying effects for sharing crypto content on social networks when accepted by the court.

Youtube has been dragged into a class action lawsuit against Bitconnect for failure to safeguard its users from being subjected to this scam’s movies. This situation might be used by Google and others to justify their bans on crypto ads, asserting that their algorithms can not differentiate between valid projects and frauds.

Youtube to Blame Bitconnect?

Must networking platforms such as Youtube be blamed for its content scammers upload? Share your thoughts in the comments section below.

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“A number of the Affiliate Promoter Defendants had partnerships with YOUTUBE pursuant to which the BITCONNECT Defendants disseminated deceptive and dangerous content unsuspecting victims across the world. YOUTUBE was negligent in failing to warn those victims of the harmful material for which YOUTUBE compensated their creators and publishers,” the file alleges. Another segment reads: ”In short, aided by YOUTUBE’s failure to warn, the BITCONNECT Defendants defrauded tens of thousands of dealers by capitalizing on the overall public’s excitement for virtual currencies and from luring unsuspecting investors into buying unregistered securities and participating in pyramid/Ponzi schemes. ”

As we reported earlier this year, the original complaint has been registered by Charles Wildes, Francisco Doria, Aric Harod, Akiva Katz, James Gurry, and Ronald Nelson – represented with the law firm of Silver Miller – made on behalf of Bitconnect customers. The plaintiffs said that Bitconnect’s former $2.5 billion market capitalization was “assembled via using deceptive means,” specifically “a wide-reaching Ponzi scheme that defrauded investors, made a mockery of state and federal securities laws, and used an army of social networking mercenaries that were compensated to bring more unsuspecting victims into the fraud. ”

Pictures courtesy of Shutterstock.

Youtube has been added as a defendant in a class action lawsuit against Bitconnect recently, clear by publicly accessible documents registered with the Southern District Court of Florida. According to the suit, the Google-owned video system failed to protect or warn its users by Bitconnect affiliates’ promotional material, which reached 70,000 hours and 58 million viewpoints on Youtube.