Puerto Rican company pursues Ripple for selling his cryptocurrency XRP without first registering the offer in the United States.
Bitcoin Manipulation Abatement just dropped a complaint against Ripple, report Coindesk. She accuses the company and its CEO Brad Garlinghouse for violating several federal laws with the sale of his tokens XRP.
According to the applicant, Ripple promoted its sale of tokens to stimulate demand and maximize profits, without however registering the sale with the competent regulator.
The American blockchain company also purposely deceived investors with fake ads to artificially inflate the price of its cryptocurrency.
In addition, Bitcoin Manipulation Abatement adds that XRP was of no use, if not speculative, at the time of the first sale in 2013.
The firm thus urges Ripple return the funds from its first sale, while awarding compensatory damages to the victims.
Read also : Ripple sues YouTube
It's not not the first time that XRP investors file a complaint against Ripple for selling its tokens as unregistered securities.
Last year, a group of people who invested in its cryptocurrency also sued the Californian firm. And despite his defense arguments, the blockchain specialist will not escape trial.
Note that in the fall of 2019, Bitcoin Manipulation Abatement had filed a complaint against the crypto-derivatives trading platform FTX for handling the bitcoin price. However, the case was quickly dismissed by a US court in late 2019.
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