Investors Allege Ripple CEO Dumped XRP While Touting It

Law360 (March 26, 2020, 8:25 PM EDT) -- A proposed class of investors in the cryptocurrency XRP has unveiled new allegations against Ripple CEO Bradley Garlinghouse, saying at the same time he was touting the product, he was unloading millions of dollars of the cryptocurrency.

In an amended complaint filed Wednesday in the U.S. District Court for the Northern District of California, the investors also alleged that Ripple knowingly overstated the cryptocurrency’s actual utility as a "bridge currency" to facilitate international payments.

XRP was developed by Ripple and is used by the blockchain company to power the Ripple global payments network. The investors' complaint acknowledges that all XRP were created by...

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