RATE Group | Ripple faces another lawsuit for allegedly violating security laws
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Ripple faces another lawsuit for allegedly violating security laws

05 May Ripple faces another lawsuit for allegedly violating security laws

Posted at 18:19h in Cryptocurrency News by

  • Bitcoin Manipulation Abatement LLC seeks to recover damages through this lawsuit.
  • The firm had previously sued FTX, a crypto derivatives exchange.
  • Ripple still has long-running lawsuits with one dating as far back as 2018.

Ripple, the company behind XRP is facing fresh charges for purportedly violating security laws. A report unveiled this news on May 5, noting that the firm suing Ripple is known as Bitcoin Manipulation Abatement LLC. The firm’s attorneys brought this case to a US federal district court accusing Ripple of misleading investors. Bitcoin Manipulation Abatement LLC’s lawyers added that Ripple sold XRP as an unregistered security.

In the court documents filed on May 1, Bitcoin Manipulation Abatement LLC also sued Ripple’s CEO, Brad Garlinghouse. According to the firm, Garlinghouse raised £800 million through the sale and marketing of XRP as an unregistered security.

Per the plaintiffs, Ripple made a litany of false and misleading statements regarding…

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