The SEC requests the review of more than 1 million messages from Ripple employees.
💥Ripple was sued by the United States Securities and Exchange Commission (SEC) in December 2020 on the grounds that XRP sales were carried out illegally. The SEC has continued to keep its pressure on Ripple ever since. This time, the Securities and Exchange Commission has requested a new investigation for Ripple.
💥SEC Requests Review of Over 1 Million Messages
The SEC is requesting an investigation of messages from Slack, the cloud-based collaboration app that contains more than one million messages, used by Ripple's employees to obtain critical evidence. Securities and Exchange Commission attorney Jorge Tenreiro moved to obtain a court order that would force Ripple to turn over its employees' Slack messages for review.
💥SEC requests review of Slack messages
According to the SEC's claims, there are more than 1 million messages between Ripple employees that need to be examined. Since Ripple employees communicate quite a lot through the Slack app, they generated terabytes of data.
The SEC, on the other hand, claims that the defendants agreed to review all messages at the beginning of the discovery phase. The allegations are still limited to only 1,468 messages containing some “critically important” information, according to the SEC, while Ripple states that the rest of the messages cannot be accessed due to errors in the process.
Following the SEC's request, San Francisco-based company Ripple is refusing to access the rest of the chats due to a data processing error.
Image Source:SEC
💥SEC: Critical and Unique Evidence
The SEC claims that the Slack messages it requests review contain some "critical" and "unique" evidence. The Securities and Exchange Commission states that messaging between Ripple employees contains a lot of evidence, particularly regarding Ripple's desire to create speculative XRP trading, the company's concerns about the XRP price, and the impact of XRP sales on Ripple's business.