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Deaton Confirms: August 6 LINQTO Hearing Isn’t About Ripple’s $18M XRP Sales

Published by
Zameer Attar and Anjali Belgaumkar

Attorney John Deaton recently shared an important update on X (formerly Twitter) about the ongoing LINQTO case. He said he’s asking the court to apply something called a “Constructive Trust” in the case related to the DIP Loan. This would help make sure that no one unfairly benefits and that any money or assets go to the people who rightfully deserve them.

What’s Happening in the LINQTO Case?

The main issue being discussed in court on August 6 is about moving the case from Texas to Delaware. This motion was filed by a shareholder group called Sapien Group, who wants the case to be heard in a different state.

However, Deaton has filed a separate class action lawsuit against LINQTO’s founder, William Sarris. He claims the company sold unlicensed securities in July without giving investors enough information, which misled thousands of users. His goal is to help those users get their money back.

Some people on social media thought that the August 6 hearing was about Deaton’s objections to a $18 million Ripple sale or the DIP loan. But Deaton clarified that those issues would actually be discussed at a later hearing on August 17.

Deaton’s Support For Ripple

While dealing with LINQTO, Deaton is also continuing to back Ripple Labs in their legal fight with the U.S. Securities and Exchange Commission (SEC). The SEC previously said that Ripple had raised $1.3 billion by selling XRP as an unregistered security.

He has filed many legal briefs in Ripple’s favor and continues to defend XRP holders. The case has been going on for nearly five years, and a key update is expected when the SEC files a status report on August 15.

FAQs

What is the LINQTO case about?

The LINQTO case involves allegations of selling unlicensed securities and a dispute over transferring the case from Texas to Delaware courts.

When will the Ripple-related LINQTO issues be heard?

Key LINQTO matters involving Ripple’s $18M sale and DIP loan will be addressed at an August 17 hearing, not the August 6 proceeding.

Zameer Attar and Anjali Belgaumkar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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