According to court documents filed on July 3, YouTube will be a defendant in the lawsuit against BitConnect. Law firm Silver Miller, representing 6 individuals, initially filed a class action lawsuit against BitConnect on January 24.
Silver Miller accuses the cryptocurrency platform of issuing unregistered security tokens and using funds received from new investors to meet the expectations of existing ones. The plaintiffs claim personal damages of $771,000.
From the case materials provided by Cointelegraph, it follows that BitConnect and related companies published advertising videos on YouTube that, according to the plaintiff, lured potential investors into fraudulent investment scheme. The statement claims that YouTube did not remove the videos despite warnings from users. BitConnect has published over 70,000 hours of unedited content on YouTube, resulting in 58,000,000 views. It is noteworthy that users themselves began to publish revealing videos explaining the essence of the BitConnect scam.
“This case does not involve YouTube being the publisher of content on its website. The allegation concerns YouTube's failure to act after users' posted videos revealed the potential harm of the advertisements," said David Silver, an attorney with Silver Miller.
If YouTube had responded to users' warnings and removed the harmful BitConnect videos, so many victims could have been avoided those affected by fraud. The document also mentions that Google has banned all cryptocurrency-related ads due to potential harm to users of Google-owned platforms, including YouTube.
“YouTube has failed to protect its users from the harm from which it is required to protect them under its advertising content rules,” says David Silver.
According to cointelegraph.com
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