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Ripple [XRP] clan strikes back and threatens countersuit after yesterday’s lawsuit!

Anirudh VK



XRP Clan strikes back; threatens countersuit
Source: Unsplash

A lawsuit was filed against Ripple Labs Inc. on Thursday, with the plaintiff alleging that XRP tokens were “fully generated prior to distribution” and calling it a “never-ending ICO”.

The plaintiff in question is Mr Ryan Coffey, who filed the class-action complaint to the Superior Court of California against Ripple Labs, XRP II LLC, and CEO of Ripple Brad Garlinghouse. It was filed through Taylor-Copeland Law, “on behalf of XRP investors”.

The plaintiff Ryan Coffey

The plaintiff Ryan Coffey

The plaintiff, Mr. Coffey purchased about 650 XRP on January 5, 2018 at a price of $2.60 each, paying about $1690. He then sold 649.98 XRP, with reductions due to transaction fees, for 1104 USDT, which was worth approximately $1138 at the time. This comes out to a loss of $551, or roughly 32% of his original investment. The filing fee of the lawsuit was reportedly close to $1450, which is close to three times the loss he faced.

It is interesting to note that the plaintiff and the lawyer are previously acquainted as can be seen from these pictures from the lawyer’s Facebook profile.

Plaintiff and lawyer wearing suits

Plaintiff and lawyer wearing suits

Plaintiff and lawyer out for drinks

Plaintiff and lawyer out for drinks

The plaintiff is also one of those who filed a lawsuit against controversial ICO Tezos, which had a 60-day filing window which ended on January 25th. His purchase for 650 XRP occurred on January 5th, and both the suits were submitted by James Taylor-Copeland.

The self-proclaimed XRP Army on Twitter lashed back at the tweet by the lawyer which proclaimed the filing of the suit, with Libertarian politician and Ripple supporter Tiffany Hayden leading the fray. She said:

“Anybody can try and sue. I hope Ripple files a counter suit to recoup their time, expenses, and any loss of value XRP suffers because of this type of crap. If the the price of XRP drops after this, maybe current XRP holders can launch a class action against this group?”

In a separate tweet in reference to the filing of the suit, she said:

“By a 27yo, living at home, who bought and sold 640 XRP, didn’t become rich within 12 days, and now thinks he can seek damages on my, and others, behalf. Nobody has permission to do anything on my behalf. Ever. Hope the slimy weasal is prepared for a countersuit.”

There have been thoughts that the suit is a way to force the SEC’s hand to determine whether Ripple is a security or not. This is in response to pressure from the Commodity Futures Trading Commission and the Security and Exchanges Commission on whether leading cryptos Ether and Ripple should be declared as securities. In an email to Bloomberg, Ripple spokesman Tom Channick said:

“We’ve seen the lawyer’s tweet about a recently filed lawsuit but have not been served. Like any civil proceeding, we’ll assess the merit or lack of merit to the allegations at the appropriate time. Whether or not XRP is a security is for the SEC to decide. We continue to believe XRP should not be classified as a security.”

Ripple is currently trading at $0.90, with a 0.71 growth over the last 24 hours. It is left to see whether this event will have a negative impact on the price of the currency.


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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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1 Comment

1 Comment

  1. David B

    May 5, 2018 at 6:58 PM

    Sadly nothing more than a weak attempt at a quick money grab by two friends which will backfire badly with immense financial consequences for both of them.

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China wants it fast and now – Orders to speed up Blockchain development

Sarah Rodrigues



China wants it fast and now- Orders to speed Blockchain development.
Image Source: Pxhere

The largest country in the world has a positive outlook towards Blockchain technology.

The State Council of China has demanded that authorities need to speed up the development of Blockchain technology. The country’s central administrative branch of government first issued this order on 4th May 2018. It addressed various strategies that required continued reformation of the Guangdong Pilot Free Trade Zone.

The Guangdong Pilot Free Trade Zone is a free-trade zone is in the province of Guangdong, China sandwiched between Hong Kong and Macau to build a vast international free-trading market. It was authorized by the State Council in 2014 and officially launched on April 2015.

An official document stated:

“To build a regional equity market in Guangdong, according to the opening up of the capital market, timely introduction of Hong Kong, Macao and international investment institutions to participate in transactions. We will vigorously develop financial technology and accelerate the research and application of blockchain and big data technologies under the premise of legal compliance.”

However, the document does not reveal or contain any details on the extent of blockchain technology that will be used in the Free-Trade zone.

According to China’s Ministry of Information and Technology, the Guangdong division has 71 blockchain startups. In 2016, the concept of cryptocurrency and blockchain technology was introduced as a part of their 13th five-year economic development plan from 2016 -2020.

The Bank of China [BoC] recently announced the initiative to irradiate poverty through Blockchain technology in the region of Tibet, an autonomous region in China.

supreme-n00b, a Reddit user commented:

“China has done this many times before. It’s not that they’re scared of new technology. It’s that they have the population to turn their own copy technology into the status quo. Why open yourself to Twitter when you can create a billion-dollar brand by forcing everyone to use Weibo. Crypto is no different. The Chinese are going to choose and run with a coin and put it on WeChat – instant use by hundreds of millions of people. Yet another billion – perhaps trillion in this case -dollar tech. The biggest mistake the Russians and Indians ever made was allowing western internet access to their people.”

colivingclub said:

“This seems pretty familiar. China bans Google service and creates their own search engine Baidu. China bans Facebook and creates their own social network Qzone. Next step – own internal cryptocurrency? And this won’t even cause any surprise”


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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ – says Ran Neu Ner

Laira Rebecca



‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ - says Ran Neu Ner, the CNBC host
Source: Max Pixel

CNBC Fast Money, hosted by Melissa Lee, had Ran Neu Ner as the guest this time. Ran Neu Ner is a famous host of CNBC Africa’s Crypto Trader show and is the Founder of OnChain Capital.

The main topic of discussion was about “Is cryptocurrency market being manipulated?”

According to Ran, in the past, it was easier to manipulate the cryptocurrency market because there were a very few exchanges, a few on-ramps, and off-ramps. However, today with an overall market cap of $330 billion, it is a bit more difficult, because there are many exchanges and the volume of the digital currencies are much higher.

He also mentioned about the recent tweets that exposed a group, who is manipulating small penny tokens and how they got exposed for manipulating small e-liquid tokens.

Melissa further raised a doubt about how the market manipulation is occurring in deepest markets like London Interbank Offered Rate [LIBOR] and compared it with the U.S cryptocurrency market.

Ran mentioned that he is not sure about it, because the U.S. Securities and Exchange Commission [SEC] has not regulated Bitcoin and other cryptocurrencies.

Therefore, there are no regulated acts, under which the illegal terms can be questioned.

He says:

“what is the problem of driving the prices up? It is illegal in terms of what act? We are not a currency, not a commodity, we don’t know what we are.”

Further, they discussed, due to the uncertain market values of BTC and other coins, should the traders be cautious about what the SEC, U.S. Commodity Futures Trading Commission [CFTC] or the U.S Department of Justice [DOJ] is going to look at.

Ran says, when the SEC and other organizations come up with regulations, it is going to open the floodgates for new money to come in. He thinks that regulations are eminent and he expects SEC to quote new regulations for cryptocurrency and hopes that everyone will follow it.

Also, he mentioned that he would encourage crackdowns because they can catch the bad actors who create a lack of trust. To obtain a real asset class with real people, eliminating bad actors is very important.

Ran believes that people across the U.S are waiting for the guidance of SEC and they have a huge part to play in regulating cryptocurrencies, while other countries are already looking into various aspects of cryptocurrency and have started accepting them.

A cryptocurrency enthusiast says:

Always an interesting conversation when it comes to manipulation. The #Silver market has had a conspiracy theory about being manipulated for more than 10 years.”

Anthony Matthew, a business analyst says:

“BTCUSD barely broke lower than 7500 all day, despite well-known news of cryptotrade manipulation and DOJ + CFTC investigation.  I feel like I am trading in the stock market again, so I am buying Bitcoin at 7500.”

A cryptocurrency miner named Chad commented:

“Maybe the DOJ and @CFTC will crack down on manipulative paid Roger Ver shilling appearances too”


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