Ripple Drama Continues as Company Sends Cease and Desist Letter To Former Board Member Jesse Powell
After publicly resigning from Ripple, former board member Jesse Powell now faces legal trouble with the company. Ripple is having a very messy week. First, co-founder Jed McCaleb publicly decided to liquidate his XRP, which comprised 20% of the entire market cap. Unsurprisingly, the price fell by over 50% during the subsequent 48 hours. After McCaleb's decision to sell his XRP holdings, Kraken CEO Jesse Powell announced his resignation from the Board of Ripple Labs in a candid post on the /r/Ripple subreddit. Following Powell's public resignation, a lawyer for Ripple Labs sent a....
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Photo by _Mo. Ripple Labs co-founder Jed McCaleb's recent decision to sell his entire stock of XRP was the start of a difficult week for the open-source payments processor. After McCaleb made his announcement, Ripple's price took a steep fall. Investor confidence declined further when Jesse Powell, known by most as CEO of Kraken, resigned from the board of Ripple Labs and levied some disturbing remarks about the company's management. Feeling betrayed, Ripple had their lawyers draft and send Jesse Powell a cease and desist letter. Powell posted that letter online for the Ripple community to....
When it rains, it pours, especially when it is raining bad news. If Ripple investors didn't believe that before, they certainly do now. Just yesterday, CCN reported that Ripple Labs co-founder Jed McCaleb decided to sell the entirety of his XRP stock, which decreased the XRP exchange value by an astounding 40% in less than 24 hours. Now, a board member has resigned, leaving investors anxious about the company's future. Ripple Board Member Jesse Powell Resigns in the Wake of Founder Sell-Off. In the wake of the troubling news about McCaleb's XRP liquidation, Ripple board member Jesse Powell....
Photo by _Mo. Ripple Labs has weathered a difficult week that seemed like it could only get worse. The company's co-founder publicly announced he was liquidating his XRP holdings, which caused investor panic and caused the price of XRP to drop over 50%. Soon after, a prominent Ripple board member resigned from the company, leaving behind some strong words for the Ripple leadership team. The company responded by sending him a cease and desist letter, which he posted online alongside an emotionally charged response. It seemed as though Ripple Labs was headed for a messy legal battle, which....
The bitcoin community was reeling over the weekend, after it was revealed that California's state financial regulator had issued a cease and desist order against the Bitcoin Foundation. The cease and desist order was dated May 30, one and a half weeks after the Bitcoin 2013 conference in San Jose. The letter said that the Bitcoin Foundation may be a money transmission business (MTB), and threatened it with fines and jail time. Jon Matonis, who is a board member at the Foundation, revealed the letter in his Forbes column over the weekend. The letter threatens the Foundation with penalties....
An article on Forbes.com by Bitcoin Foundation Board Member and Secretary Jon Matonis announced today that the Bitcoin Foundation had been the recipient of of a "cease and desist" letter from the State of California's Department of Financial Instututions(DFI). The letter alleges that the "BitCoin Foundation" is operating as a money transmitting business without "proper authorization." It proceeds to threaten "APPROPRIATE ACTION" if the Foundation fails to "CEASE AND DESIST FROM CONDUCTING THE BUSINESS OF MONEY TRANSMISSION" in the State of California, and requires a response in writing....