Court Denies Lawsuit Against XRP
August 15, 2018
California District Court has took the side of the defendant, Ripple Labs that was accused of digital currency rate manipulation on the market.
Remember that the lawsuit was filed by crypto investor Ryan Coffey late spring when he spoke on behalf of everyone who acquired cryptocurrency over the last 5 years. As the complainant said, the project produced some billion tokens out of thin air trying to make hype in mass media while the head of the company deceived would-be investors. Meanwhile he accused the crypto company of poor decentralization of the crypto coin and violation from a number of standards when issuing the token. XRP investors complain that the coin is legally categorized as securities though sold alternatively by retail.
The court stated after reviewing case papers it took the side of the defendant.
Earlier middle spring Ripple Labs published a report which said that the crypto project gained 100% token sale growth. In the second quarter of this year the indexes have lowered twice.
It is crucial to say that there are 3 suits already lodged against the company. Along with the above mentioned one, Vladi Zakinov charged Ripple Labs. with rate manipulation while David Oconer called for recognizing XRP as security.