Ripple’s nightmare seems to be endless. After being sued by the United States Securities and Exchange Commission (SEC) for the irregular sale of XRP, the San Francisco company now faces a new lawsuit.
According to Bloomberg, the lawsuit in question was filed by Tetragon Financial Group Ltd on Monday (4).
Tetragon led $ 200 million investment
The UK investment company – with $ 2.23 billion in assets – led Ripple’s third round of financing in December 2019.
At the time, the company collected $ 200 million to drive adoption of XRP and the XRP Ledger blockchain.
At the same time, due to the millionaire contribution, Ripple’s market value soared to US $ 10 billion.
Now, Tetragon has gone to the Delaware Court to “enforce its contractual right to require Ripple to redeem” the Series C preferred shares held by Tetragon.
In addition, the company wants to prevent Ripple from using any cash or other liquid assets until payment is made.
Finally, Tetragon asked the court for a temporary restraining order, an injunction and an accelerated trial.
Sought by Bloomberg, representatives of Ripple and Tetragon have yet to comment on the case.
SEC vs. Ripple
As CriptoFácil reported, the SEC opened O lawsuit against Ripple Labs at the end of December last year. The regulator also sued Ripple founder Christian Larsen and current CEO Brad Garlinghouse.
In the indictment, the SEC claims that Ripple has been raising money from unauthorized bond offerings since 2013. The amounts reach $ 1.3 billion, according to the regulator. In the quotation in reais, the value exceeds R $ 6.7 billion in the current quotation.
The first hearing of the case will take place on February 22. The date was set by the Southern District Court of New York.
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