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Ripple Shareholder Linqto Files for Chapter 11 Bankruptcy Amid Legal Challenges

Ripple Shareholder Linqto Files for Chapter 11 Bankruptcy Amid Legal Challenges

Linqto, an autonomous investment website that controls 4.7 million Ripple shares, filed Chapter 11 bankruptcy in the Southern District of Texas. The move comes after months of courtroom battles and federal investigations into allegations of securities law violations. Ripple’s Clarification and Linqto’s Relationship Ripple CEO Brad Garlinghouse clarified that while Linqto holds Ripple shares, the two companies do not have any business connection. Despite having a significant holding in Ripple, Linqto has no influence on Ripple’s funding rounds, as clarified by Garlinghouse. The Value of Linqto’s Ripple Holdings While Linqto is not saying when it purchased its Ripple shares, Forge pegs its holdings as being around $450 million in value at the current secondary market price. Linqto’s total assets, including equity in other companies, may be more than $500 million in total value. Speculation and Federal Investigations News emerged last week that Linqto had been the target of federal investigations into potential issues with its practices. The Wall Street Journal wrote of fears that clients of Linqto might not have owned securities they believed they did, and that the company had marketed its services in the wrong manner. The Charges Against Linqto’s Practices Linqto’s former executives were also involved in practices that contravened SEC regulations. This includes the sale of Ripple shares at inflated prices, which is against markups of over 10%. In addition, Linqto’s organizing of its LLCs illegally generated other legal problems. Linqto’s Bankruptcy Hearing Linqto’s first bankruptcy hearing will be on Tuesday. Key witnesses, including the company’s restructuring officers and debt advisory specialists, are to testify. Ripple Distances Itself from Linqto Ripple cut its relationship with Linqto in 2024 by no longer approving its secondary share buys. This followed an investigation by the Financial Industry Regulatory Authority (FINRA) of Linqto’s broker-dealer division, Linqto Capital.

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