Let’s revisit the complaints filed with the court by the SEC at the time of the lawsuit that began in December 2020. As controversial as whether Ripple (XRP) is a security or not is that Garlinghouse ordered the manipulation of the coin price. The SEC’s complaint states that Garlinghouse was exaggerated in the sale of Ripple and ordered price manipulation.
Posted on February 20, 2021 at 2:19 PM Will Ripple work? Garlinghouse “Run” … Direct Price Manipulation – SEC Complaint Resend the article.
Will Ripple work? Garlinghouse “Run” … Direct Price Manipulation – SEC Complaint
[블록미디어 James Jung 기자] The U.S. Securities and Exchange Commission (SEC) has begun to put pressure on the defendants by specifying the price manipulation by Ripple executives in the complaint. If what the SEC described is true, then Ripple is a company-led pumping and dumping that artificially raises the price and then resells it.
Block Media has chronologically reconstructed excerpts of price manipulation from the 79-page complaint filed by the SEC with the court.
# Garlinghouse, Larsen, and Ripple for $600 million
The SEC said that Ripple, Garlinghouse, and Larsen, three defendants, sold 14.6 billion XRP, the unregistered securities. Garlinghouse and Larsen appear to have made $600 million in profits from the sale of Ripple.
The SEC said Garlinghouse sold Ripple while externally saying, “I will hold Ripple for a long time.” The SEC argued that this was an illegal act in which the defendant selectively disclosed information while manipulating Ripple trading.
In the meantime, Ripple, Garlinghouse, and Larsen have been protesting, saying, “We were not involved in the sale of Ripple.”
# Ripple sale timing, size, etc.
The SEC said the defendants had played an important role overall in raising funds by selling Ripple and managing Ripple’s liquidity. It said that he instructed market monitoring, trading timing, and the size of the buy and sell. In particular, even when Ripple was regarding to make an important announcement related to its business, Ripple was managed in detail and in detail. There was company-led pumping and dumping.
# Ripple community trend check
Ripple’s organized trading has been going on since 2015. Ripple traded Ripple through three or more market makers and agents. The following is one of those implementations.
April 11, 2016 : Instruction to buy Ripple in the open market. Target price 0.008 dollars. Implement a limit of 5% of daily trading volume over two days.
August 16, 2016 : Ripple staff report Ripple community trends. “There is positive feedback on Ripple’s long-term strategy,” he said. The community is an online forum called ‘XRP Chat’.
Ripple’s vice president of finance sent an email to Garlinghouse and Ripple’s agent3 asking if they should “stop buying”.
Agent 3 said, “It is necessary to show that purchases come in steadily from accounts that have only been continuously sold. That ultimately drives the price.” After the email conversation, the ‘operation’ to buy Ripple continues.
Complaint filed by the SEC as amended. These are instructions from Larsen on controlling the speed of the XRP sale. (Source = SEC)
# Garlinghouse, direct execution instructions
September 2016 : Specific instructions for Ripple trading to market makers in time for Ripple’s monthly business performance announcement.
September 20, 2016 : Ripple vice president emailed market maker following discussion with Garlinghouse and Larsen. “Ripple wants to better understand the impact of buying Ripple over the past few weeks. within 24 hours following the management announcement Ripple purchase requires a total of 300,000 dollars of live ammunitionhas an idea.”
The next day, the market maker replied. Transmitting data showing the correlation between Ripple buy manipulation and Ripple price. Reported that “there is a statistically significant effect”.
Friday, September 23, 2016 : Vice President following discussion with Garlinghouse and Larsen and instructs the market maker. “Garlinghouse said go ahead. Keep buying lightly the day following the management announcement, then start bigger on Sunday.” Market maker agrees.
# “If you get a chance, take your money”
Monday, September 26, 2016 : Reported that the market maker “spent $200,000”. He said he had to buy more to create a stronger market. Ripple vice president agrees.
October 15, 2016 : Ripple’s vice president asked a market maker regarding the timing of the 1% sale, saying, “I want to sell 1% of the trading volume of Ripple.” The vice president said, “We want to capitalize when additional trading volume increases, rather than press the ripple rally,” and instructed to withdraw money when the opportunity arises.
Breaking news via Block Media Telegram (click)
Hot news summarized by a professional reporter, Block Media Kakao View (click)
good article to see
Does Ripple Really Win In The SEC Battle?
