Ripple CEO “Coffee” SEC chairman, as the company is still confident of winning, XRP owners are suing Apple for counterfeit wallets | Sept 16

Recently, Ripple CEO Brad Garlinghouse laughed at SEC chairman Gary Gensler on social media.

In response to a 2018 video in which Gary Gensler brought up the company’s controversial issue of the need for clear regulation, Garlinghouse said he “loves Twitter.”

Ripple has tried unsuccessfully to mediate with the SEC, according to a number of tweets from Garlinghouse in early January.

“I’m not going to deny the unconfirmed SEC allegations on Twitter, and as you can imagine, there is a lot of new reflection on what can / should go public after the litigation begins. However, I want to address the top 5 questions I’ve seen …

Why hasn’t Ripple reconciled with the SEC? I can’t go into the details, but we have tried and will continue to try with the new administration to address this in a way that the XRP community can continue to innovate, users are protected and the market is free ”.

The company had hoped Gensler would drop the lawsuit.

Ripple’s legal team initially hinted that Donald Trump-appointed SEC chairman Jay Clayton’s lawsuit was politically motivated in the final days of his tenure.

Although Gensler is well versed in crypto and blockchain, he has taken an even more aggressive stance on the industry, targeting decentralized finance and stablecoins directly.

After the SEC decided to continue Gensler’s Ripple lawsuit, the XRP community was disaffected.

Company legal team speak Fox Business’s Charles Gasparino said Ripple has no plans to broker the case as the attorneys are confident they will win the case based on the defense arguments in their “fair notice”.

John E Deaton, an attorney seeking to intervene on behalf of XRP owners, believes an agreement is “very unlikely” until the court reaches a decision on the outstanding offers.

Garlinghouse and co-founder Chris Larsen have dismissed the lawsuit.

Brad Garlinghouse – CEO of Ripple

holder XRP Beginning Class action to the Apple

Apple, the world’s largest company, is currently being sued by a group of disgruntled XRP owners. These people claim to have lost money to a fraudulent app.

Cyber ​​security IT expert Hadona Diep filed a lawsuit in Maryland Federal District Court on September 16 on behalf of people in similar situations.

The litigation revolves around a cryptocurrency wallet called Toast Plus. Diep claims that the Cupertino-based tech giant is responsible for licensing, rather than removing, the malicious app from the App Store.

Apple has long been proud of its rigorous app testing process, which is designed to stand out from Android. Due to the closed ecosystem, the company has full control over the placement of apps in the “exclusive” app store.

The plaintiff downloaded the app to her iPhone in March 2020. She believes it’s a version of Toast Wallet, as the similar name and logo are almost identical for forgery and authentication on the App Store.

Diep initially used Rippex, a popular desktop XRP wallet, to store tokens before the project ended in January 2018, and the account was deleted in August.

Then she realized she was the victim of a fraud program that forged a legitimate wallet and lost $ 5,000 for the incident.

Members of the r / XRP Reddit community started in early 2021 complain that Toast Wallet was actually compromised despite its high frequency in search results. Some users, whose accounts have been deleted by scammers, described the situation as “disappointing”.

Plaintiff wants Apple to compensate them and all members in the same situation for the company’s negligence.

Toast Plus incidents are not a new breed of scam. In 2019, the security company Wandera discovered 17 malicious apps in the App Store.

Some estimates say that around 2% of the top apps on the platform could be classified as scams.

Apple’s 500-strong app review team is unlikely to guarantee 100% user protection

“App reviewers appear to be using plastic shipments in a shootout,” said Eric Friedman, Wandera’s chief engineer.

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