Ripple Facing New Lawsuit

Ripple Labs is being sued by Tetragon Financial, an investment company in the United Kingdom (UK), after the United States Securities and Exchange Commission (SEC) claimed that XRP was sold improperly, Bloomberg reported.

The lawsuit was filed under seal late on Monday in the Delaware Chancery Court.

Tetragon Financial Group said that it aims to enforce its contractual right to require Ripple to redeem Series C preferred stock held by Tetragon and to block Ripple, in a move that seeks to block XRP from using cash or other liquid assets until the payment is made.

It is worth noting that Ripple’s XRP is the world’s third-largest cryptocurrency.