On the 24th (local time), asset management company Bitwise Asset Management announced that it has liquidated Ripple (XRP) worth $9.3 million (about 10.3 billion won) from its cryptocurrency index fund.
Bitwise’s action was based on a lawsuit filed by the US Securities and Exchange Commission (SEC) on the 22nd. The SEC filed a complaint in Manhattan District Court that Ripple had sold $1.3 billion worth of XRP, an unregistered security, to general investors over the past seven years.
Bitwise announced that it had held ripple through the’Bitwise 10 Crypto Index Fund’, and that it sold all of the ripple it had through the fund right after the complaint was submitted. They said, “Before the asset was sold, the ripple ratio of the fund was about 3.8%.”
The Bitwise 10 Crypto Index Fund is a cryptocurrency fund created to track the market capitalization weighted index of the top 10 cryptocurrencies. Bitwise said, “This fund does not invest in assets that are likely to be considered securities under US securities laws.”
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