Ripple CEO confirms, ‘Linqto owns 4.7M shares’ – But denies any direct sale

Key Points

1. Ripple CEO Brad Garlinghouse confirmed Linqto holds 4.7M Ripple shares purchased on the secondary market but denied any direct sale or engagement with Linqto.

2. Linqto allegedly violated securities laws by selling Ripple private shares to non-accredited investors, with about 5,000 such investors involved.

3. Former lawmaker John Deaton described the situation as a 'regulatory nightmare' due to the sale of shares via Specialized Purpose Vehicles (SPVs).

4. Ripple private shares have surged 320% year-on-year, trading at $91, while XRP tokens remain distinct from these shares.

5. Other firms like Circle, Kraken, and SpaceX also had shares listed on Linqto, but Deaton assured the safety of Ripple shares despite the controversy.