Investor Vladi Zakinov from California has sued Ripple Labs and related entities for his own loss on Ripple tokens acquisition due to non-beneficial price motion. This has been reported by digital currency-focused outlets.
Interestingly, Vladi Zakinov (or his full namesake who also resides in California which is highly unlikely) has previously sued a dog food company Blue Buffalo Pet Products, Inc for the alleged amount of lead hazardous for dogs in the purchased goods. This information has become available thanks to the Web portal specializing on judicial documents.
Another investor Ryan Coffey has filed an independent case against the same group of entities in May. The reasons behind the action are quite resemblant of Mr. Zakinov’s motive: Ripple is considered to be an unregistered security and its price motion is viewed as suspicious.
For Ripple, it may bring additional problems with regulators in the United States such as the U.S. Securities and Exchange Commission. The issue of angry investors has been correctly foreseen by Rupert Watson who heads Asset Allocation at Mercer. He noted that this was the reason of governmental stance against Bitcoin across the world: nobody wants to see more scandals.
The representative of Ripple has vehemently denied the correctness of Zakinov’s allegations.
Image: Envato Elements
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