Sh*t coming down on Ripple, Jed McCaleb (and Stellar)

[tokeweed]

ORDER GRANTING TEMPORARY RESTRAINING ORDER; SETTING HEARING AND BRIEFING SCHEDULE FOR PRELIMINARY INJUNCTION MOTION; AUTHORIZING EXPEDITED DISCOVERY - Bitstamp is TEMPORARILY ENJOINED from transferring the $1,038,172 in disputed funds to Stellar, Stephenson, McCaleb, Ripple Labs, or any other person or entity.

Having considered Ripple Labs’s motion, the declarations in support thereof, and the record in this matter, IT IS HEREBY ORDERED:

(1) In order to maintain the status quo until Bitstamp’s motion to discharge and Ripple Labs’s motion for a preliminary injunction can be heard and resolved, Bitstamp is TEMPORARILY ENJOINED from transferring the $1,038,172 in disputed funds to Stellar, Stephenson, McCaleb, Ripple Labs, or any other person or entity.

(2) Any person or entity other than Ripple Labs claiming ownership of the $1,038,172 in disputed funds (including Stephenson, McCaleb, Stellar, or Bitstamp), shall file an opposition to Ripple Labs’ motion for a preliminary injunction (Docket Number 23) by May 27, 2015. Any replies by Ripple Labs to the oppositions must be filed by June 4, 2015.

(3) The Court will hear argument on Ripple Labs’s motion for a preliminary injunction on June 10, 2015, at the same time as the hearing on Bitstamp’s motion to discharge.

(4) Assuming proper service, Ripple Labs may immediately notice and take the depositions of Jed McCaleb and Jacob Stephenson. These depositions shall take place during the week of May 25 - 29, 2015.

(5) Assuming proper service, McCaleb and Stephenson shall provide the following discovery to Ripple Labs within 10 days of this order:

    (a) Documents sufficient to identify all XRP accounts in McCaleb’s and Stephenson’s ownership and/or control;
    (b) Documents relating to XRP sales and transfers by, for, or at the direction of McCaleb, Harris, and/or Stephenson for the period August 13, 2014 until the present;
    (c) Documents relating to XRP sales and transfers of XRP for the benefit of McCaleb, Stephenson, and/or Stellar for the period August 13, 2014 until the present;
    (d) McCaleb’s and Stephenson’s bank records which include records of virtual currency accounts with Bitstamp, Coinex, or other gateways, for the period August 13, 2014 until the present;
    (e) Communications by or among McCaleb, Stephenson, and/or Harris regarding or relating to Ripple Labs, XRP, Stellar, or STRs for the period August 13, 2014 until the present;
    (f) Communications by, among McCaleb, Harris, and/or Stephenson regarding or with Bitstamp, Coinex, or other gateways from August 13, 2014 until the present;
    (g) Documents relating to the XRP sales at issue in this matter and Stephenson’s purported attempt to purchase approximately $1 million worth of STRs;
    (h) Communications by or among McCaleb and Stellar officers, directors, employees, founders, or agents regarding XRP sales and/or the Stellar auction.

More here http://docs.justia.com/cases/federal/district-courts/california/candce/3:2015cv01503/286282/24

[kazuki49]

INJUNCTION

dayum

[Troonetpt]

why we talk about ripple in here, it is totally different things from the cryptocurrencies.

[tokeweed]

It's been talked about on here since the day it was created.  But yes, I agree with you to a point.  I see it as crypto with just a different flavor.

[sdmathis]

Looks like a great time to short Ripple.

[spud21]

How long do court cases like this normally take in the USA? Could this drag on for months?

[Pecunia non olet]

Ripple is no cryptocurrency in the original sense.
It's a moneytransmitter in every sense. So they were unlicensed moneytransmitter.

[Spoetnik]

So they tried to pull out a Million + dollars worth of Ripple out of Bitstamp and courts froze it (did I get that right ?)
HAHAHHA Jeb you clown drown in your Ripple crap !
Ripple is gay BS and it has been since day 1 ..fuck 'em

[tokeweed]

So they tried to pull out a Million + dollars worth of Ripple out of Bitstamp and courts froze it (did I get that right ?)
HAHAHHA Jeb you clown drown in your Ripple crap !
Ripple is gay BS and it has been since day 1 ..fuck 'em

This is what happened http://www.coindesk.com/bitstamp-court-1-million-dispute-ripple-jed-mccaleb/

[thebenjamincode]

why we talk about ripple in here, it is totally different things from the cryptocurrencies.

because we are on the Altcoin Discussion section of the forum that's why talking about ripple is allowed

i am also concerned about it because i was once a stellar user back then and i find this info useful because i am no longer updated about what is happening in ripple and stellar

[flipme]

I bought more RIPPLE.
It means that RIPPLE will come out cleared first and on top.

McCaleb is an idiot, he will not be able to piss on RIPPLE for very much longer.
He is in violation of his agreements, so funds are frozen, thanks god the RIPPLE ledger has that possibility.

You guess whats gonna happen to all your beloved anon crap coins, DASH, Monero, you name them.
It'll be a felony to own and use them, mark my words.

RIPPLE instead is a financial instrument, more than any other crapshot altcoin you could come up with, even more than your mofu Bitcoin.

 

[flipme]

So they tried to pull out a Million + dollars worth of Ripple out of Bitstamp and courts froze it (did I get that right ?)

No, you got that wrong, like mostly, Spoetnik.
Let me educate you, again.

RIPPLE froze those assets, which are held on a trustline by BITSTAMP.
That's how it works if you are not behaving well.

Please don't rant about things you do not fully comprehend.

[flipme]

Here's some more ***SHIT*** coming down ...

Ripple Labs Raises $28 Million in Series A Round
CoinDesk-May 19, 2015
Digital currency startup Ripple Labs announced today that it has closed a new $28m Series A funding round. The company drew support from a ...
Ripple Labs Closes $28 Million Series A Funding Round
MarketWatch-May 19, 2015
Ripple Labs Raises $28 Million Series A from Chicago Mercantile ...
Bitcoin Magazine-May 19, 2015
Ripple Labs Raises $28 Million in Series A Financing
newsBTC-May 19, 2015
Ripple Labs Closes $28 Million in Funding
American Banker (subscription)-May 19, 2015
Explore in depth (14 more articles)

[Zer0Sum]

So they tried to pull out a Million + dollars worth of Ripple out of Bitstamp and courts froze it (did I get that right ?)

No, you got that wrong, like mostly, Spoetnik.
Let me educate you, again.

RIPPLE froze those assets, which are held on a trustline by BITSTAMP.
That's how it works if you are not behaving well.

Please don't rant about things you do not fully comprehend.

This is an internal dispute between Ripple Labs and McCaleb...
McCaleb is only allowed to sell $3,650,000 XRP/year based on his agrreement with Ripple...
And he tried to sell about twice as much in one order using his relatives... so Ripple bought it and sued in California.

This has zero effect on the Ripple network...
And for the people here that are 10 yo... Ripple has an internal consensus-secured "Alt" called XRP.
But ruthless, predatory Ripple will punish McCaleb with 6 figure legal fees + penalties the court approves.

Man, where would we be without the TokeWeed Herald Bugle 

[o0‡0o]

Ripple probably will do alright for its investors. the same cant be sad for XRP.   
Once Ripple is done with milking the XRP cow it will be of to the slaughterhouse. Mark my words.

[flipme]

Ripple probably will do alright for its investors. the same cant be sad for XRP.   
Once Ripple is done with milking the XRP cow it will be of to the slaughterhouse. Mark my words.

No, it won't!
Because it is not controlled by some shitheads working in their underwear.
It's a perfect vehicle which comes (almost) for free for banks and market makers.

[Zer0Sum]

Ripple probably will do alright for its investors. the same cant be sad for XRP.   
Once Ripple is done with milking the XRP cow it will be of to the slaughterhouse. Mark my words.

No, it won't!
Because it is not controlled by some shitheads working in their underwear.
It's a perfect vehicle which comes (almost) for free for banks and market makers.

Ripple will be sold to a bank... the way Meraki was sold to Cisco for $1.2 billion...
The problem is that XRP is not legally "stock"... and does not give legal ownership of Ripple Labs or any proceeds.

Why do you think McCaleb was dumping XRP through relatives like a total n00b...
Even though the AssHole signed an Ironclad Contract to sell it slowly over a 7 year period.

What a total sleazeball... edonkey, Mt Gox, Ripple, Stellar built by click farmers = securities fraud.

[lolmoneylol]

Coin desk article days Ripple bought the 96 million xrp for $1million. Ripple said that otherwise 'irreparable harm' would have befallen xrp.

But xrp volume daily is supposedly averaging ~a million usd.

Looking at the buy/sell on btc38 something doesn't look right. Volume of 334,000 cny but huge gaps on the buy side like there are only a few buyers and they are propping up the price rather than actually 'buying'.

Looks like Ripple is playing a shell game. Have to guess how much money they have shovelled into the furnace so far to prop up their price, but if they sold a lot at low prices and are buying them at this level, on top of their operating costs and so on... they have lost a lot of money.

Worse for them is that the crowd that might use their product, i.e., people too mainstream for bitcoin, are not likely to find appeal in Ripple. A coin nobody is likely to use, with huge volume and millions of dollars to burn. Why not call it Wastecoin or Garbagecoin? Ticker symbol should be WTF. Convert all xrp to wtf.