Ripple shareholder Linqto has filed for bankruptcy protection
Powered by ChatGPTOn July 8 (UTC+8), July 8, private investment platform Linqto filed for Chapter 11 bankruptcy protection in the U.S. Southern District Court of Texas on Monday. The company holds approximately 4.70 million Ripple shares purchased on the secondary market, estimated to be worth approximately $450.0-500.0 million at current market value. Ripple CEO Brad Garlinghouse has clarified that the two companies have never had a business relationship other than Linqto being a shareholder. It was pointed out that Linqto's former CEO William Sarris attempted to sell Ripple shares to users at a price 60% higher than the purchase price, violating the SEC's regulation that markups should not exceed 10%. The company closed its platform on March 13 of this year and is facing ongoing SEC investigation. (Source: TechFlow) [MetaEra]