A new class-action lawsuit has been filed against blockchain company Ripple and its CEO Brad Garlinghouse alleging securities laws violations regarding the sale and marketing of digital token XRP.
The complaint was filed by attorney Pavel Pogodin through his company, Consensus Law, located in Isla Verde, Puerto Rico. The plaintiff is Bitcoin Manipulation Abatement LLC (BMA LLC), an entity with virtually no online presence. According to available public records, the company was formed only in March 2019. Interestingly, it is involved in another class-action lawsuit against crypto derivatives exchange FTX.
BMA LLC accuses Ripple and CEO Brad Garlinghouse of failure to register the company’s latest $1.1 billion XRP sale with the relevant authorities. It also said that Ripple publicly promoted the sale to investors to garner more profits. The firm alleged that Ripple purposefully misrepresented its sale in order to pump up the price of XRP with the sole purpose of making its founders and a few other people rich.
According to BMA LLC, Ripple didn’t have utility back in 2013 — its sole value came from speculative investments into XRP, and the $1.1 billion in sales are more than it had in any assets otherwise. The company wants the court to force Ripple to return all money from the sale XRP as well as to compensate for related damages.
Ripple is yet to provide any comments on the allegations.
Image source: Ripple
Ripple’s Co-Founder Suggests that “Crypto Industry should Reconsider Proof-of-Work.”
Lawyer James K. Filan Says XRP Community Could Make A Huge Impact On Ripple Vs. SEC Case
$33M Injected Into XRP Products Within One Week Boosting AUM Of the Sector Up
How Is the XRP Lawsuit Going And How Investors Make More Money on the Recent Fluctuation of XRP Prices?
XRP Holders are Seeking intervention in the SEC’s Lawsuit Against Ripple
Recent Press Release
The Best NFT & DeFi Project Token Sale, TimeCoin(TMCN)
The best opportunity to invest in TimeCoin(TMCN) to realize both capital and income gain. The Special Token Sale of TimeCoin...
Place 1xBit bet BTC and Win
cryptocurrency is very much valued in the modern world, because it allows fast and secure transactions in different parts of...
Hips Payment Group Launches Merchant Token (MTO), a Cryptocurrency That Will Bring Consumer Protection to Blockchain Payments
Solution supports decentralized finance (DeFi) trend with consumer protection via smart contracts. DUBLIN, Ireland (April 1, 2021) – HIPS Payment...
Best 5 Crypto Social Trading Platforms
Over the past few years, technology has brought about drastic changes in how people approach the subject of investment. As...
TimeCoin (TMCN) Special Token Sale is Live Join Now!
The Special Token Sale of TimeCoin (TMCN) was launched on February 15th, 2021, with a 93% discount on the token’s...