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The SEC reports that the third-largest cryptocurrency was sold all wrong.

Ripple, its former CEO and founder Christian Larsen, and its current CEO Bradley Garlinghouse are being sued by the US Securities and Exchange Commission. The SEC says that they raised more than $1.3 billion through an unregistered securities offering. The suit claims that Ripple violated securities laws by selling XRP, which The Wall Street Journal calls “the third-largest cryptocurrency by market value,” over a seven-year period starting in 2013. According to the SEC, it’s a security, and so Ripple didn’t provide its investors with the proper information they needed to assess any potential risk.

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