RATE Group | Another lawsuit accuses Ripple (XRP) of fraud and deception
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Another lawsuit accuses Ripple (XRP) of fraud and deception

05 May Another lawsuit accuses Ripple (XRP) of fraud and deception

Posted at 09:09h in Cryptocurrency News by

  • Bitcoin Manipulation Abatement LLC has filed a class action lawsuit against Ripple for the unregistered sale of XRP as a security.
  • Ripple is thus confronted with another lawsuit challenging the status of the cryptocurrency.

Ripple and its CEO Brad Garlinghouse are facing another class action lawsuit. The Bitcoin Manipulation Abatement LLC has filed a lawsuit against Ripple for the alleged violation of the US Securities Act. As in the class action, which is still pending and is represented by lead plaintiff Bradley Sostack, the new lawsuit states that XRP is a security that was marketed with false advertising promises.

The lawsuit was filed by attorney Pavel Pogodin through his company Consensus Law, based in Isla Verde, Puerto Rico. The plaintiff is Bitcoin Manipulation Abatement LLC, a company where Pogodin is also listed as an “agent”. The company already appeared in another class action last year when it sued the crypto derivatives exchange FTX. However, the lawsuit, which…

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