According to the Complaint, Plaintiffs first came to know Defendant during the Class Period when Defendant sought to promote his alleged new cryptocurrency - "Dark Ripple" ("DRIP"). Playing off the successful cryptocurrency known simply as “Ripple,” Defendant is alleged to have claimed to the be developer of Dark Ripple and fashioned DRIP to be better, more transparent, alternative to the mainstream cryptocurrency Ripple.
Using common means of cryptocurrency promotion, such as social media, online chat platforms such as Telegram and popular forums such as Bitcointalk.org, Defendant set about a scheme to defraud Plaintiffs through the sale of DRIP tokens. This included using the Ripple logo as to indicate a formal relationship with the cryptocurrency. It was through those mediums that Defendant allegedly solicited for sale and ultimately sold the illusory and economically worthless DRIP digital currency.
On September 27, 2018, the Court granted Plaintiff's motion for Order of Default against the individual Defendant in this case.