Cryptocurrency exchange Kraken has begun notifying affected XRP holders of the potential monetary benefits they could receive from a class action lawsuit against Ripple.
The exchange recently scored a victory in the Zakinov v. Ripple case. The exchange successfully intervened to protect its customers’ data from being shared without their consent.
Kraken starts the notification process
Kraken, one of the largest cryptocurrency exchanges in the world, intervened in the Zakinov v. Ripple lawsuit in an attempt to protect the privacy and data of its customers. The court’s ruling allowed Kraken to inform affected users about the class action lawsuit against Ripple, ultimately giving customers the opportunity to decide whether they wanted to participate in the lawsuit.
Kraken has now begun notifying eligible customers of the potential monetary benefits of the Zakinov v. Ripple lawsuit. The notification is aimed at Kraken users who purchased XRP during the pre-determined period, as stated in the email:
Our records show that you purchased XRP on the Kraken platform between July 2, 2017 and June 30, 2023, which means that depending on the outcome of the lawsuit, you may be entitled to receive money or benefits from the lawsuit .
The recipients included Yassin Mobarak, founder of Dizer Capital, who shared part of the email on X (formerly known as Twitter) in which he expressed his surprise at the notification and the possibility of profiting from his XRP holdings as part of the class action lawsuit.
I always thought I would make money from it $XRP farms, but not like this 😂
PS.
At first I thought it was a fraudulent email, but now I think it’s real. pic.twitter.com/4jhLuUSqEt– Yassin Mobarak (@Dizer_YM) February 9, 2024
Mobarak initially expressed disbelief in the authenticity of the emails, as recent phishing attacks exploited official email accounts of Web3 industry players and exposed users to a massive and sophisticated phishing campaign.
The legality of emails was he doubted by several Kraken clients who were looking for confirmation on the official X exchange account. Kraken’s support team has confirmed that the email is secure and authorized by the exchange.
Next steps for XRP holders
Following notification, Kraken updated its support page to provide customers with further details regarding the class action.
The exchange cleared up confusion about who the interested parties were, clarifying that “this only applies to Class Members who purchased XRP in the United States during the applicable Class Period” and offering further information about the lawsuit:
The lawsuit also states that persons or entities that acquired XRP during the class period (July 3, 2017 to June 30, 2023) are entitled to recover (a) the consideration paid for XRP plus interest if they retained the XRP reduced for the current price of XRP or the price of XRP submitted at the time of the offer, or (b) compensation in the event of selling XRP at a loss.
Finally, the exchange presented affected customers with two options: do nothing or ask to be excluded from the lawsuit.
As mentioned in the email you received, you have the option of taking no action or excluding yourself. For more information, please see the support article linked below.
The best
Kraken Support 🐙— Kraken Support (@krakensupport) February 8, 2024
If the client takes no action, the client will retain the opportunity to obtain money or benefits from the settlement of the lawsuit. However, they automatically waive any rights to sue Ripple themselves in the future.
If they choose to exclude themselves from the class action and potential benefits, XRP holders retain the right to sue the defendant and must submit a signed “Request to Exclude” statement by April 5, 2024.
XRP is trading at $0.52325 in the hourly chart. Source: XRPUSDT on TradingView.com
Featured image from Unsplash.com, chart from TradingView.com
