{"id":34372,"date":"2021-01-05T23:31:41","date_gmt":"2021-01-05T21:31:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=34372"},"modified":"2025-08-28T20:11:55","modified_gmt":"2025-08-28T17:11:55","slug":"another-lawsuit-filed-against-ripple","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/another-lawsuit-filed-against-ripple\/","title":{"rendered":"Another lawsuit filed against Ripple."},"content":{"rendered":"<p>Tetragon Financial Group filed a lawsuit against Ripple. In 2019 it led a $200 million Series C funding round when the XRP issuer was valued at $10 billion.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Oof. Ripple has been sued by a shareholder after the SEC claimed its XRP tokens were sold improperly. Tetragon was an investor in Ripple\u2019s Series C round, which gave it a $10 billion valuation. Now it wants to sell the stock back to Ripple. <a href=\"https:\/\/t.co\/mbQQriwVKU\">https:\/\/t.co\/mbQQriwVKU<\/a><\/p>\n<p>\u2014 Ryan Browne (@Ryan_Browne_) <a href=\"https:\/\/twitter.com\/Ryan_Browne_\/status\/1346514103620296707?ref_src=twsrc%5Etfw\">January 5, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Tetragon demands that Ripple redeem the preferred shares under the existing contract. The plaintiff asks a Delaware court to bar the defendant from using any liquid assets until the redemption and to apply expedited proceedings.<\/p>\n<p>Ripple said the contract with Tetragon contemplates the return of funds if XRP is deemed a security in the United States, which has not yet happened.<\/p>\n<blockquote><p>This is a baseless lawsuit. Tetragon is trying to opportunistically exploit regulatory uncertainty in the United States.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Our statement regarding Tetragon\u2019s filing: <a href=\"https:\/\/t.co\/eHrq2v89WO\">https:\/\/t.co\/eHrq2v89WO<\/a><\/p>\n<p>\u2014 Ripple (@Ripple) <a href=\"https:\/\/twitter.com\/Ripple\/status\/1346562545843400706?ref_src=twsrc%5Etfw\">January 5, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On January 5, Grayscale Investments removed XRP from the Digital Large Cap Fund trust and sold all tokens in favor of the remaining cryptocurrencies. Earlier, a similar decision was taken by <a href=\"https:\/\/u1f987.com\/en\/news\/bitwise-excludes-xrp-from-its-bitwise-10-crypto-index-fund\">Bitwise<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/21shares-excludes-ripple-token-from-its-etps\">21shares<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">4\/ For more information on the removal of <a href=\"https:\/\/twitter.com\/search?q=%24XRP&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$XRP<\/a>, please visit: <a href=\"https:\/\/t.co\/5e8pglYM3B\">https:\/\/t.co\/5e8pglYM3B<\/a><\/p>\n<p>\u2014 Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1346454686568615938?ref_src=twsrc%5Etfw\">January 5, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Coin Metrics, since the filing of the lawsuit by the U.S. Securities and Exchange Commission (SEC), the number of addresses with 1 million XRP decreased from 1,721 to 1,567.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?14\" data-telegram-post=\"forklog\/16864\" data-width=\"100%\"><\/script><\/p>\n<p>As reported, <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-ripple\">the SEC accused Ripple of selling $1.3 billion of unregistered securities<\/a> over seven years. Preliminary hearings <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-court-sets-date-for-preliminary-hearings-in-sec-case-against-ripple\">will take place on February 22, 2021<\/a>.<\/p>\n<p>This is not the first lawsuit against the company; it has been in litigation with investors who consider XRP an unregistered security. Ripple and Garlinghouse are named as defendants in the Bitcoin Manipulation Abatement LLC suit, which is overseen by attorney Pavel Pogodin.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tetragon Financial Group filed a lawsuit against Ripple. In 2019 it led a $200 million Series C funding round when the XRP issuer was valued at $10 billion.<\/p>\n","protected":false},"author":1,"featured_media":34373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,112],"class_list":["post-34372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ripple"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=34372"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34372\/revisions"}],"predecessor-version":[{"id":34374,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34372\/revisions\/34374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/34373"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=34372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=34372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=34372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}