Ripple faces new class action lawsuit, plaintiff accuses him of illegal securities laws

According to Decrypt, a company called Bitcoin Manipulation Abatement filed a lawsuit against Ripple and its CEO Brad Garlinghouse through lawyer Pavel Pogodin and its company Consensus Law. The lawsuit alleges that Ripple violated the securities laws regarding XRP trading. The lawsuit also stated that in order to drive demand, Ripple issued a series of false and misleading statements about XRP. This latest Ripple lawsuit is similar to many of the claims made in the previous lawsuit against Ripple. It is worth noting that the plaintiff has almost no online business in this lawsuit. According to public records, the entity was established in March 2019. Interestingly, the company was also the plaintiff of another lawsuit filed against the crypto derivatives exchange FTX in November last year, but the suit was rejected by a US court a month later.