The law firm Rosen Law dealing with the rights of investors in a recent statement has announced that it is exploring the question of how does Ripple Labs, Inc. Federal securities laws in connection with the sale of tokens, XRP. This investigation is likely to be a consequence of the claim of Ryan Coffey, who claims that he lost $ 551 over XRP tokens.
It’s pretty serious. Rosen Law took 1st place in the ISS Securities Class Action Services for the number of successful cases relating to securities in 2017. She also is in the top three rankings in 2013.
Rosen Law is preparing a lawsuit in the case of damages incurred by the buyers, tokena XRP. The firm also asked the investors who bought tokens to visit the website of the company and to join a group of witnesses in the case.
In may 2018, using the services of the law firm Taylor-Copeland Law, Ryan Coffey filed a class action lawsuit against Ripple Labs, its subsidiaries XRP II and CEO of Ripple Labs brad Garlinghouse, due to losses from the sale of tokens XRP. It argues that the Defendants received a huge profit, violating state and Federal securities laws, selling to a wide audience tokens, XRP, which, essentially, can be infinite. It is further alleged that the XRP has all the hallmarks of the investment token and that Ripple is trying to conceal his sale of XRP, making it on the exchanges and not directly.
Unlike cryptocurrencies such as Bitcoin and Ethereum that “bottom”, all 100 billion XRP available were created out of thin air Ripple Labs in 2013. In other words, unlike other currencies, XRP has been fully created before its distribution. 20 billion XRP, or 20 percent of the total supply of XRP, were granted to certain founders of Ripple Labs, and the remaining 80 billion left in Ripple Labs, – stated in the lawsuit.
The lawsuit also mentioned that Ripple Inc., according to rumors, offered to bribe popular cryptocurrency exchanges in the US, Coinbase and Gemini to include in your listing XRP. According to the same rumor, in the fall of 2017 Ripple Labs invited Coinbase more than $ 100 million XRP to allow users to use XRP. Similar rumors related to the fact that Ripple was also interested in whether the cash payment of 1 million US dollars to convince the Gemini to turn XRP into the listing in the third quarter of 2017.
Although both the Gemini and Coinbase refused to implement these proposals in early 2018, the rumors that XRP will be added to Coinbase, has spurred the growth of prices. The allegations seem serious, and if they are proven, it could lead to the collapse as Ripple and XRP.
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