After the SEC case against Ripple, a new one has been added to the bad news one after another. Tetragon Financial Group Ltd., one of the leading companies investing in Ripple, announced on January 4 that it filed a lawsuit against the company. The goal of the $ 2.32 billion investment giant is to freeze Ripple’s assets.
Investor company sues Ripple
Tetragon, the leading investor in Ripple’s Series C funding round in 2019, announced that it made such a decision after the SEC’s allegations. According to the news reported by Bloomberg, Tetragon is requesting the return of the share investment, which it was entitled to according to the contract it signed at that time.
In his application, Tetragon requested that the company prevent the use of any cash or liquid assets until Ripple pays. In this context, the company has requested temporary freezing of Ripple’s assets. By demanding an expedited hearing in Ripple’s application for the freezing of assets, Tetragon revealed how quickly he actually wanted to keep his hand.
The company that brought Ripple to a valuation of $ 10 billion takes the lead
Ripple is known for reaching a valuation of $ 10 billion with the funding round led by Tetragon. Ripple CEO Brad Garlinghouse said at the time that they did not need this money as a company, but that this would bring “flexibility in balance”. In addition to Tetragon, SBI Holdings and Route 66 Ventures companies also participated in the related funding tour. SBI Holdings is not likely to take such a step in light of the positive statements made by the company’s CEO. On the other hand, it is possible to receive similar news from the Route 66 Ventures front.
XRP price did not drop sharply after this news. Grayscale’s removal of XRP from the GDLC fund, another negative news coming today, had a stronger effect on the price.