R3 sues Ripple

R3 Holdco LLC accuses Ripple Labs Inc. in breach of contract
09 September 2017   2930

Ripple Labs Inc. and the consortium R3 Holdco LLC resolves disputes in court on a contract concluded between organizations in 2016. This is reported by Reuters.

In accordance with a suit filed with the Delaware Chancery Court this Friday, R3 Holdco LLC accuses Ripple Labs Inc. in the failure to fulfill the terms of the contract for the purchase of the digital currency XRP.

So, in September 2016, the companies concluded a deal, according to which the consortium R3 was entitled at any time until September 2019 to acquire 5 billion XRP tokens at a fixed price of $ 0.0085 per coin. At the same time, according to the CoinMarketCap service, the current weighted average rate of XRP is $ 0.21.

According to the source, in June 2017 CEO Ripple Brad Garlinghouse tried to terminate the contract by sending a corresponding message to the head of R3 David Rutter via e-mail. However, R3 insists that Ripple can not terminate the agreement unilaterally, and asks the court to confirm all of its rights under the contract, including the purchase of XRP tokens at any time during the next two years.

In response, Ripple filed a counterclaim on the failure to comply with the terms of the agreement. According to it, both companies had to create a joint company with the the participating banks of R3 to test the technology developed by Ripple. The company also claims that R3 hid the fact that several members of the consortium, including Goldman Sachs and Banco Santander, planned to leave the group at the time of the agreement.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   174

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.