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Tag: ripple lawsuit

  • Kraken Notifies XRP Holders Of Benefits From Zakinov Case

    Kraken Notifies XRP Holders Of Benefits From Zakinov Case

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    Crypto exchange Kraken started notifying affected XRP holders about the potential monetary benefits they could receive from the class action lawsuit against Ripple.

    The exchange recently emerged victorious in the Zakinov v. Ripple Case. The exchange successfully intervened to protect its customers’ data from being shared without their consent.

    Kraken Begins The Notification Process

    Kraken, one of the largest crypto exchanges in the world, intervened in the Zakinov v. Ripple lawsuit, seeking to protect its customer’s privacy and data. The court ruling allowed Kraken to inform the affected users about the class action against Ripple, ultimately giving the customers the option to decide whether to participate in the lawsuit.

    Kraken has now begun to notify eligible customers about the potential monetary benefits from the Zakinov v. Ripple lawsuit. The notification is aimed at Kraken users who purchased XRP during the previously established period, as the email stated:

    Our records indicate that you have purchased XRP on Kraken between July 2, 2017 and June 30, 2023, which means that it might be within your rights to receive money or benefits that come from the lawsuit, depending on the outcome.

    Yassin Mobarak, Dizer Capital Founder, was among the recipients, and he shared part of the email on X (formerly known as Twitter), expressing his surprise about the notification and the possibility of earning a profit from his XRP holdings through the class action lawsuit.

    Mobarak expressed his initial disbelief in the email’s legitimacy, as recent phishing attacks exploited official email accounts of actors in the Web3 industry and exposed users to a massive and sophisticated phishing campaign.

    The legitimacy of the emails was doubted by several Kraken customers who sought confirmation from the exchange’s official X account. Kraken’s support team confirmed the email as safe and authorized by the exchange.

    Next Steps For XRP Holders

    Following the notification, Kraken has updated its support page to provide customers with further details about the class action lawsuit.

    The exchange addressed doubts such as who the affected parties are, clarifying that it “only applies to class members who purchased XRP within the United States during the relevant class period” and offering further information about the lawsuit:

    The lawsuit also claims that persons or entities who purchased XRP during the class period (July 3, 2017, to June 30, 2023) have the right to recover (a) the consideration paid for the XRP, with interest, if they retained the XRP, less the current price of the XRP or upon tendering the XRP, or (b) damages if they sold the XRP at a loss.

    Lastly, the exchange presented two options for the affected customers: do nothing or ask for an exclusion from the lawsuit.

    If the customer decides to do nothing, they will keep the possibility of getting the money or benefits from the lawsuit’s resolution. However, they automatically give up on any rights to sue Ripple separately in the future.

    If they decide to be excluded from the class action and the potential benefits, XRP holders maintain the right to sue the defendant and must send a signed “Exclusion Request” statement by April 5, 2024.

    XRP is trading at $0.52325 in the hourly chart. Source: XRPUSDT on TradingView.com

    Featured image from Unsplash.com, Chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Rubmar Garcia

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  • Ripple Vs. SEC: Appeal Unlikely To Happen Soon, Potential Delay Until 2024 | Bitcoinist.com

    Ripple Vs. SEC: Appeal Unlikely To Happen Soon, Potential Delay Until 2024 | Bitcoinist.com

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    In a surprising twist, the US Securities and Exchange Commission (SEC) has dismissed its case against Ripple executives Brad Garlinghouse and Chris Larsen. 

    The dismissal agreement, reached by both parties, means that the scheduled trial for April next year will no longer proceed. However, it is important to note that while the charges against Garlinghouse and Larsen have been dropped, the SEC has not abandoned the case altogether.

    SEC’s Bid For Ripple Appeal Paused

    The development came to light when FOX Business journalist Eleanor Terret reported the dismissal, emphasizing that the SEC’s move did not signify the end of the case but rather the withdrawal of charges specifically against Garlinghouse and Larsen. 

    This revelation sparked confusion among some, prompting questions about the SEC’s intentions and potential appeals.

    Terret addressed these queries, clarifying that the SEC could potentially appeal the judge’s decision made on July 13th, which determined that XRP sales on exchanges were not securities. 

    However, Terret pointed out that the appeal process would only be possible after a final judgment is reached, which may take months to materialize. Consequently, the SEC’s appeal is not expected until next year.

    Executives Find Satisfaction In SEC’s Case Dismissal

    While Ripple and its executives celebrated the dismissal as a vindication of their position, legal experts and observers weighed in on the implications. 

    Ripple’s Chief Legal Officer (CLO) Stuart Alderoty, expressed satisfaction with the SEC’s decision, characterizing it as a surrender by the regulatory agency. The CLO highlighted that this marked the third consecutive victory for Ripple, following the July 13th ruling and the denial of the SEC’s bid for an interlocutory appeal on October 3rd. Alderoty stated:

    The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC.

    Notably, pro-XRP lawyer Jeremy Hogan suggested that the dismissal increased the likelihood of a comprehensive settlement between Ripple and the SEC, as the remaining legal question primarily pertains to the financial terms of the resolution.

    The ongoing developments in the Ripple-SEC case have captivated the cryptocurrency community and beyond. 

    Ripple’s legal battle, which initially stirred controversy and uncertainty, has now taken an unexpected turn. The dismissal of charges against Garlinghouse and Larsen has opened the door to potential settlement negotiations, while the SEC’s appeal and the final judgment’s timing remain key factors to watch in the coming months.

    As the case continues to unfold, stakeholders eagerly anticipate further updates and resolution, hoping for clarity on the regulatory status of XRP and its potential impact on the broader cryptocurrency industry.

    XRP’s uptrend on the daily chart. Source: XRPUSDT on TradingView.com

    Currently, XRP is trading at $0.5192, experiencing a substantial 6.9% increase in the past 24 hours. This surge in value follows the release of significant news, which has positively impacted both XRP’s price and its overall gains across different time periods.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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