![]() ![]() “ 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. Ripple published a short statement in response to Tetragon’s action. Tetragon requested a preliminary injunction, temporary restraining order, and an expedited trial. ![]() ![]() The investment firm also wants to prevent Ripple from spending any or all of its cash reserves as well as other liquid assets until the payment is settled. Tetragon, the lead investor in Ripple’s Series C funding round where the blockchain firm raised $200 million to value the company at $10 billion, is seeking to “enforce its contractual right to require Ripple to redeem” Series C preferred stock that the global investment firm holds, Bloomberg reported. Ripple maintains its innocence and argues that the XRP token is a currency and not a security as alleged by the SEC. The SEC alleges that the token sale is akin to a securities sale and the blockchain firm should have registered with the agency. Securities and Exchange Commission (SEC) taking legal action against the company for improperly raising more than $1.3 billion in an ongoing sale of XRP tokens. Tetragon Financial Group Ltd., a publicly-traded closed-ended investment company, filed a complaint under seal against Ripple in the wake of the U.S. Challenges continue to mount for embattled blockchain firm Ripple as the company faces another lawsuit, this time, from one of its investors. ![]()
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