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Pakistan Launches Virtual Assets Regulatory Authority to Oversee Crypto Sector

by Chiwuike Owunwa
Jul 8, 2025 - 9:23 pm
in Blockchain
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Linqto, a private investment platform holding 4.7 million Ripple shares, filed for Chapter 11 bankruptcy in the Southern District of Texas. The filing comes after several months of legal turmoil and federal investigations into potential securities law violations.

Ripple’s Clarification and Linqto’s Relationship

Ripple CEO Brad Garlinghouse clarified that while Linqto holds Ripple shares, the two companies have no business relationship. Despite owning a significant stake in Ripple, Linqto has no involvement in Ripple’s financing rounds, according to Garlinghouse.

The Value of Linqto’s Ripple Holdings

While Linqto has not disclosed when it purchased its Ripple shares, estimates from the private market platform Forge suggest its holdings may be valued around $450 million based on the current secondary market price. However, Linqto’s assets, including shares in other companies, may exceed $500 million in total value.

Speculation and Federal Investigations

Reports surfaced last week that Linqto faced federal investigations over potential issues with its practices. The Wall Street Journal highlighted concerns that Linqto’s customers might not have owned the securities they believed they did, and the company had marketed its services improperly.

The Allegations Against Linqto’s Practices

Linqto’s former executives allegedly engaged in practices that violated SEC regulations. This includes offering Ripple shares at inflated prices, violating rules against markups above 10%. Additionally, Linqto’s improper structuring of its LLCs raised further legal concerns.

Linqto’s Bankruptcy Hearing

The first hearing for Linqto’s bankruptcy case is scheduled for Tuesday. Key witnesses, including the company’s restructuring officers and debt advisory specialists, are expected to testify.

Ripple Distances Itself from Linqto

Ripple ended its relationship with Linqto in 2024, ceasing to approve its purchases of secondary shares. This decision followed an investigation by the Financial Industry Regulatory Authority (FINRA) into Linqto’s broker-dealer arm, Linqto Capital.

Tags: BlockchainRegulation
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

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