The Digital Asset Payment Service Provider, Ripple Labs tied to XRP

October 28, 2020


The digital asset service provider, Ripple Labs tied to one of the five biggest cryptocurrencies by market capitalization, XRP, was blackmailed (by an unidentified individual) at the height of cryptocurrency mania three years back. 

The market furor put focuses on the backs of prominent cryptographic money organizations in 2018, a record-breaking year for trade hacks and different wrongdoings exploiting them. 

However, Ripple is funded by Accenture, IDG Capital plus banks, CME Group, Pantera Capital, Andreesen Horowitz, Lightspeed Venture Partners, and Google Ventures that have layered applications above its payment system, incorporating SBI Holding, Santander, and Standard Chartered.

According to the reports, which don’t portray the substance in the recordings or whether Ripple paid the 5 million XRP, the Federal Bureau of Investigation’s (FBI) San Francisco and Canberra, Australia, workplaces researched the extortion attempt from Oct. 23, 2017, to April 20, 2018. 

However, the case was shut after there was inconvenience finding the blackmailer with simply an email address, Internet service provider data and an IP address, a PC or a cell phone’s online unique mark, the reports state. 

Reports got by the CoinDesk through a Freedom of Information Act request show an unidentified individual messaged Ripple on Oct. 19, 2017, requesting 5 million XRP in return for retaining recordings it guaranteed depicted the organization in a negative light. When enquired about the recordings and payment demand by CoinDesk, Ripple didn’t react and the FBI declined to respond.

The privately held organization, that was established in 2012 by Chris Larsen and Jed McCaleb, the contending Stellar virtual cash’s organizer, is peering toward an ICO or Initial Coin Offering and was the subject of exceptional market theory two years prior when the costs of bitcoin (BTC) and XRP shot up pair to memorable highs.

Image Courtesy : Pixabay

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