![]() ![]() As CryptoPotato recently reported, Grayscale Investments removed the token from its diversified public crypto fund, liquidated its XRP holdings, and used the funds to buy other crypto assets in the fund. The courts will provide this clarity and we are very confident in our position.Īpart from the XRP token value taking a nosedive, different crypto platforms have also either delisted or planned to delist or suspend XRP for U.S. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. Since there has been no such determination, this lawsuit has no merit. In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity. Following the SEC’s allegations, the consequences have been devastating for Ripple.Īddressing the issue, Ripple has posted an official response to Tetragon’s allegation, which reads: 2020 claimed that Ripple conducted unauthorized securities offerings worth over $1 billion. Besides, Tetragon is seeking a restraining order, along with an accelerated trial, and a preliminary injunction. The investment company also wants the court to freeze Ripple’s liquid or cash assets until the company makes the payment. The funds raised were channeled towards upgrading the XRP Ledger and to expand the utility of the XRP token. Tetragon was the lead investor in Ripple’s $200 million Series C funding back in Dec. Part of the lawsuit is looking to “enforce its contractual right to require Ripple to redeem” Series C preferred stock. 5, 2021), Tetragon Financial Group, an investment company based in the UK fled a complaint against Ripple on Monday in Delaware Chancery Court. Ripple Gets Hit From the InsideĪccording to Bloomberg, on Tuesday (Jan. The San-Francisco-based blockchain company Ripple may still have more issues to deal with, as one of its lead investors involved in the company’s Series C funding has filed a lawsuit following the U.S.
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