Andrew Hamilton, the CEO of legal firm JPB Liberty, is planning to file a class-action lawsuit seeking billion in damages from the social media “cartel” that sought to kill crypto in 2018. Andrew Hamilton is spearheading a class-action lawsuit accusing the social media and search giants Google, Facebook, Twitter, and YouTube for cartel-like behavior intended to kill off the burgeoning cryptocurrency sector in 2018. The class-action lawsuit has already amassed more than $600 million in claims.
The lawsuit accuses social media giants of acting like a cartel.
The class-action lawsuit accuses the social media giants of acting as a cartel in launching a coordinated attack designed to crush competition emerging from the cryptocurrency back in 2018. The social media giants enacted sweeping bans against the promotion of crypto assets and initial coin offerings (ICOs). The lawyer told the crypto news outlet Cointelegraph that he is ready to file proceedings within the 48 hours, highlighting that signups from claimants are set to close on Aug. 21. Hamilton believes that the total value of claims against the firms could grow to as much as $300 billion.
Ripple also filed a lawsuit against the video-sharing platform YouTube.
As reported earlier, the blockchain company Ripple Labs filed a complaint with the US district court in Northern California accusing video-sharing platform YouTube of not taking action against fake crypto scam accounts on its platform. Ripple claimed that the scam has caused “irreparable harm” to its public image, brand, and reputation because YouTube failed to address the issue. The XRP giveaway promotions have involved hacked YouTube accounts, promising free XRP in return for a small initial payment. However, the video-sharing giant claimed that it is not responsible for the scams and filed to dismiss the class-action lawsuit against it.