January 6, 2021 / news

Major Ripple Investor Sues Against Startup

ripple

The project team believes that the reason was the lack of regulatory clarity in determining the status of XRP tokens.

Representatives of the Tetragon Financial Group have filed a lawsuit against the Californian fintech startup Ripple, amid the proceedings of the project with the US Securities and Exchange Commission (SEC). Information about this appeared on the official website of Ripple project.

  • Tetragon is one of the largest investors in Ripple. The company topped the C-series of a $ 200 million startup funding round at the end of 2019.
  • Tetragon is currently requiring Ripple to repurchase its preferred shares under the current contract. The reason was the startup’s problems with American regulators. We will remind, the representatives of the SEC claim that Ripple has implemented an illegal sale of securities in the form of XRP tokens.
  • The startup team called Tetragon’s solution “disappointing.” According to representatives of Ripple, the investor took advantage of the lack of regulatory clarity on issues related to determining the status of XRP in the United States.

Amid the start-up litigation with the SEC, the Ripple token lost its value and dropped to 5th place in the ranking of the most capitalized cryptocurrencies, according to the CoinMarketCap resource. Many XRP investors have suffered losses. The Ripple team took advantage of this to press charges against the SEC.

We will remind, earlier in the network there was information that the preliminary meeting in SEC case against Ripple is scheduled for February 22.

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