According to court documents, the 3. July were submitted, was YouTube included as a defendant in a class action lawsuit against BitConnect.
The lawsuit was originally on the 24. January of six people submitted, which were represented by the law firm of Silver Miller. The applicants explain that the crypto-Investment platform BitConnect crypto-issued Token, the non-registered securities, and additional funds through a „far-reaching Ponzi scheme“. The plaintiffs stated that their personal losses amounted to approximately 660,000 Euro. BitConnect has allegedly used new investor funds it received in order to meet the expectations of the existing.
the court documents were acquired from Cointelegraph, BitConnect, and their related parties, published a series of promotional videos on YouTube, which were seen as inappropriate, since the Material was supposed to entice potential investors to fraudulent investments. YouTube should have failed, the published Videos to sell and to take out of circulation, with the result that a „countless“ YouTube users were exposed to these harmful Videos and advertisements for illegal investments.
The ten best BitConnect-Affiliates on YouTube have reportedly released more than 70,000 hours of uncut content, which resulted in 58.000.000 views. In the document it is said that the number of calls of several Videos of the Affiliate promoter has exceeded the threshold values for the „advanced“ claim requirements. It is noteworthy that quite a large number of users, YouTube about scammers continued activities of BitConnect and Videos with titles like „How Bitconnect fraud very detailed“, „Craig Grant explains the Bitconnect-fraud“ and other published. In an email to Cointelegraph David Silver from Silver Miller:
„In this case, it is not a question that YouTube is the speaker or publisher of content on its Website said. Instead, the liability is based on inaction of YouTube, after he learned of it directly on YouTube published content on the foreseeable loss of his advertising partner … Like an old adage says: Sometimes, when you lie down with dogs, get up with fleas.“
explain to The applicant that, if YouTube would have done a proper search in its databases, the harmful BitConnect-would have been disabled Videos. Instead, YouTube accepted, allegedly, a growing number of BitConnect-related Videos, which led to numerous Victims, including many members of the class.
The document also refers to Google, LLC, has changed its policy for financial products, so that all of the Ads in connection with cryptography and related content will be blocked due to potential harm to users of Google-owned platforms, including YouTube,. The document concludes as follows:
„failed to YouTube as a Gatekeeper in the protection of its users, and the warning of its users from the harmful effects, to prevent the YouTube with its advertising protocols and proprietary Algorithms.“
