Ripple Sued by Top Stakeholder That Led Its Series-C Funding Round

Alex Dovbnya

Tetragon Financial Group is asking the court to temporarily freeze Ripple's assets

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Tue, 5/01/2021 - 18:19

Ripple Sued by Top Stakeholder That Led Its Series-C Funding Round

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San Francisco-based blockchain company Ripple is now facing a lawsuit from Tetragon, a $2.32 billion investment firm headquartered in the U.K. that acts as its top stakeholder, Bloomberg reports.

The plaintiff is seeking to redeem its stock in the troubled company after it got sued by the U.S. Securities and Exchange Commission last month over illegal XRP sales.

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On top of that, Tetragon is asking the court to issue a restraining order against Ripple to temporarily freeze its liquid assets.

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Tetragon was in charge of Ripple's $200 million Series-C funding round that propelled its valuation to a whopping $10 billion in late 2019.

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About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.