Day: July 5, 2018

A third lawsuit, alleging securities fraud, was filed last week against Ripple Labs Inc, XRPII LLC, and its CEO Bradley Glaringhouse. In 28 pages, the class action suit attempts to make the case XRP is a security: issued, maintained, and supported by Ripple in clear violation of US regulatory laws. Ripple has worked extremely hard to distance itself from its cryptocurrency, XRP, in hopes of avoiding just this scenario.   

Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation

Ripple Labs Faces Third Securities Fraud Lawsuit

Managing partner of Robbins Arroyo LLP, Brian J. Robbins, filed a class action lawsuit against Ripple Labs Inc, XRPII LLC, and CEO Bradley Glaringhouse on behalf of San Diego college senior David Oconer. Signed by fax late June of this year in the San Mateo, California Superior Court, its more than two dozen pages set about making the case Ripple is in clear violation of the Howey Test.

Mr. Oconer, through his legal team, stresses how Ripple fought to manipulate the XRP price, including placing tens of millions XRP tokens into a kind of escrow, creating an arbitrary scarcity. It was also a way to signal to worried longer term investors the company would not dump the lot all at once. Indeed, XRP mooned to many hundreds of percent, the suit alleges, as a result of such moves.

It’s the third such lawsuit filed against the company since early May of this year. A common theme between each suit is the claim XRP is a security as defined under US regulatory statute – which insist Ripple Labs is the token’s puppet master indistinguishable from XRP itself. The Oconer version leans heavy on making a case for a Howey Test violation. Ripple isn’t taking any of the suits lightly, hiring two former US Securities and Exchange Commission heavies, Andrew Ceresney and Mary Jo White, as lead counsel.

XRP has long been held in a controversial light due in part to its origin story. While leading cryptos were to be mined on chain, ripples appeared ex nihilo with more than 60 percent still held by its parent company. If deemed a security, the company would be most likely ordered to cease all trading, and it’s not unusual to presume holders would be given the chance at refunds. Violations of securities law, what’s more, can also be prosecuted criminally, though those in the know believe it will not get to that stage.

Will these lawsuits hurt Ripple? Let us know in the comments section below. 

Images via the Pixabay, Twitter.

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Token Generation Events have become a favourite haunt for cyber criminals looking to either hijack the event for ransom or divert contributions into their personal wallet. Having identified and analysed the vulnerabilities exploited, trade.io was able to implement stringent security measures to set a new industry standard for the token generation event. The platform was able to confidently fend off numerous attacks during the event, delivering a hitch-free experience for all participants of the event.

Security Measures In Place

“When it comes to security, the trade.io team is firm on not cutting any corners and is committed to having an exchange that clients feel safe using.” reveals trade.io’s Chief Technology Officer, Charles Voltron

The TGE is the threshold to trade.io’s total commitment to maximum security standards, which now includes the addition of a world-class security expert to oversee the implementation of security measures by a highly-trained cybersecurity team.

“Our security approach towards securing the exchange is holistic,” the CTO continues.” Other than protecting the exchange with a multi-layered defence tactics, we are enhancing our employees awareness for cyber events, we protect our business processes and our internal technologies.”

The result of this, is the setting of new security standards, practices, and procedures on the platform leading to multi-layered protection for users through several authentication protocols and secure communications channels. Exchange funds and wallets on the platform will be securely protected via proprietary algorithms, whose capabilities are always under constant risk assessments, architectural and code reviews, and penetration tests by both internal and external security experts.

Round The Clock Monitoring

“We are treating cyber defence as an ongoing process and integrating it in all of the development and business activities” states Ari Proper, trade.io’s Head of Security

trade.io has secured the services of an in-house team of cybersecurity professionals to monitor the platform’s activity round the clock for any anomaly. The company has also implemented Bank-grade security monitoring and detection systems to enable the platform quickly detect, isolate, and block any cyber anomaly on both internal and external systems.

“We are using innovative industry-leading technologies to detect, protect and respond quickly to cyber events. We have a team of experts with vast knowledge and experience in the cybersecurity field as well as deep and strong connections in the industry that allows us to consult, review and test relevancy of cybersecurity technologies continuously.

Pre-registration for trade.io cryptocurrency exchange is on-going, interested users and sign up now for further information at: https://exchange.trade.io

About trade.io
trade.io is providing a next-generation financial ecosystem built on institutional-grade infrastructure on the blockchain. Its decades of experiences in the Fintech sector including trading and investment banking, and technical expertise has enabled the company create the ultimate secure and transparent exchange platform set to revolutionize asset trading and investment banking.
Exchange website: https://exchange.trade.io/?utm_source=bitcoinprbuzz&utm_medium=PR&utm_campaign=security-pr

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This past quarter saw price declines, hacks, regulatory clarity, and many more.

Key Highlights

• Ethereum classic price is placed in a bullish zone above the $16.50 support against the US dollar.
• There is a connecting resistance trend line formed with current hurdle near $17.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair is likely to make an upside move above the $17.40 and $17.50 resistance levels.

Ethereum classic price is slowly gaining momentum against the US Dollar and Bitcoin. ETC/USD must break the $17.50 resistance for more gains in the near term.

Ethereum Classic Price Resistance

There was a strong support formed near the $15.50 level in in ETC price against the US dollar. The ETC/USD pair jumped higher and broke the $16.00 and $16.50 resistance levels. It even moved above the $17.00 level and traded towards $17.50. A high was formed at $17.50 before the price started a downside correction. It declined below the 23.6% Fib retracement level of the last wave from the $15.66 low to $17.50 high.

However, declines were limited by the $16.70-80 zone. Moreover, there was no test of the 50% Fib retracement level of the last wave from the $15.66 low to $17.50 high. The price formed a low near the $16.70 level and recovered higher. ETC price is now trading well above the $16.50 support and the 100 hourly simple moving average. On the upside, an initial resistance is at $17.20. Above this, there is a connecting resistance trend line formed with current hurdle near $17.50 on the hourly chart of the ETC/USD pair.

The chart suggests that the price is placed nicely above the $16.50 support. Having said that, it must break the $17.20 and $17.50 resistance levels to gain upside momentum. The next major resistance for buyers is around the $18.00 level.

Hourly MACD – The MACD for ETC/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETC/USD is well above the 50 level.

Major Support Level – $16.50

Major Resistance Level – $17.50

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