$ 1,229.29 2.19%
$ 41.14 1.10%
$ 0.073929 10.81%
$ 5.19 17.34%
$ 21,420.00 1.07%
$ 241.00 2.59%

Ripple investor sues for $5 billion over a $48 loss


TL;DR Breakdown

  • Ripple is facing another case filed by an investor who lost $48.
  • The investor filed the case before a magistrate who seems to be his relative.

Ripple‘s issues continue to compound, as another investor has moved to file a lawsuit against the creator of XRP because he lost some money when he bought the crypto in November 2020. Tyler Toomey filed a case before a Magistrate in Florida, accusing Ripple and its CEO of making him loose $48.56. Interestingly, Tyler Toomey demands $5 billion in reparations from the accused.

What exactly happened?

Toomey happened to purchase XRP back in November 2020 when it was trading at $0.724, probably buying into the FOMO when the crypto market was preparing for a bull run. He bought a total of 135 XRP worth $97.80. However, things went south for his investment when the US SEC filed a case against Ripple, sending the XRP price crashing by almost 50%. Toomey claims to have cashed out his tokens for just $49.24, making a 50% loss in the process.

$400 to file Ripple lawsuit

A quick look at the website run by the Middle District of Florida reveals that filing a civil lawsuit costs $400 in fees. That’s around 8 times the amount Toomey lost in his investment. Toomey filed the case as a class action move, giving the notion that other investors affected by the SEC case could join in.

Besides the lawsuit covering this loss of investment, the plaintiff also wants the court to order an injunction against Ripple to stop the company from monetizing the billions of XRP it holds, saying that this could hurt investors.

The Magistrate is a relative

A more interesting fact about Toomey’s case is that he filed it before the said Florida Magistrate, who goes by the name Joel B. Toomey. It’s not yet clear whether Toomey decided to file the case before magistrate, who might be his relative, or whether it is just coincidental.

One section of Ripple and XRP’s fans seem to have been offended by Toomey move, while another section takes it as a joke. One user even offered to send a $200 compensation to Toomey in exchange for him dropping the lawsuit.

Nick James

Nick James

Nick is a technologist with a special interest in Blockchain technology and cryptocurrencies. He has actively participated in the industry for several years. His main passion is sharing news within the crypto community.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Shiba Inu price analysis: SHIB continues to rise with $0.00001350 in sight
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Ripple price analysis: XRP/USD set to break above $0.54 overnight
Ripple price analysis: XRP price consolidates below $0.36, but bulls are optimistic

Follow Us

Industry News

Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon