The UK-based investment firm filed a lawsuit against Ripple at the Delaware Chancery Court earlier this week.
Tetragon Financial Group through the suit wants to get its contractual rights by asking Ripple to redeem Series C preferred shares.
For information, Tetragon is a major investor in the $ 200 million Series C Ripple financing in December 2019, aimed at upgrading XRP Ledger and further developing the XRP token utility.
Tetragon also wants the court to freeze Ripple's cash assets until payments are settled, including the application for a restraining order, expediting the trial and preliminary injunction.
This is the second lawsuit after the Securities and Exchange Commission (SEC) sued Ripple in December 2020 on charges of selling unlicensed securities worth more than $ 1 billion.
XRP prices dropped sharply following the news, followed by several exchange platforms delisting the crypto currency. To date around 22 exchanges have ‘thrown away’ XRP only in the US and globally.
Most recently, Grayscale reportedly sold all XRP assets within the Grayscale Digital Large Cap Fund and made the purchase of additional tokens in funds such as Bitcoin and Ethereum.
Earlier, Ripple had said that in a few weeks, they would prove that the SEC's allegations were completely baseless, considering that the stories spread by the media were only biased.
