{"id":1040,"date":"2018-01-17T09:07:04","date_gmt":"2018-01-17T14:07:04","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?post_type=news&p=1040"},"modified":"2023-06-12T10:48:09","modified_gmt":"2023-06-12T10:48:09","slug":"cryptocurrency-surge-sent-lawsuit-stake-soaring-16-billion","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/cryptocurrency-surge-sent-lawsuit-stake-soaring-16-billion\/","title":{"rendered":"Cryptocurrency Surge Sent Lawsuit Stake Soaring to $16 Billion"},"content":{"rendered":"

\n“In 2018, there are going to be a lot of fights between people over trying to enforce contracts that were negotiated when there was a much different valuation. Contracts didn\u2019t necessarily incorporate or contemplate the incredible explosion in value. Now that the Bitcoin far exceeds the value of the company, the lender will simply want its Bitcoin back. The business will never equal the value of the Bitcoin.”<\/strong>\n<\/p><\/blockquote>\n

When two blockchain developers sued one another over an options deal in September, the stakes were high at $1.1 billion. Four months later, they were fighting over a contract valued at $16.6 billion.<\/p>\n

It\u2019s a side effect of the recent surge in the value of virtual currencies, in particular\u00a0Ripple Lab Inc.<\/a>\u2019s XRP. While all cryptocurrencies were on a tear last year, XRP led the pack. It climbed from 22 cents in September to $3.32 on Jan. 4. Since then it\u2019s plunged by about two-thirds, underscoring the volatility of contracts tied to them.<\/p>\n

The price spike meant Ripple suddenly faced a huge loss in a contract with its ex-partner, R3 Holdco. R3, a developer working on behalf of a consortium of banks, says it had a deal to buy 5 billion XRP for less than a penny each and Ripple canceled the options. R3 sued to force Ripple to honor the promise, and Ripple countersued to say R3 failed to meet partnership commitments and misled the company about its interests.<\/p>\n

The case is a harbinger of legal battles to come as companies take stock of cryptocurrency-related agreements struck before prices swelled, and look for an escape hatch that would let them hold on to rapidly appreciating assets, including the most popular one, Bitcoin.<\/p>\n

“In 2018, there are going to be a lot of fights between people over trying to enforce contracts that were negotiated when there was a much different valuation,” said lawyer David Silver, who focuses on litigation involving cryptocurrency. “Contracts didn\u2019t necessarily incorporate or contemplate the incredible explosion in value.”<\/p>\n

Read the rest of the article:<\/div>\n\n
Cryptocurrency Surge Sent Lawsuit Stake Soaring to $16 Billion<\/a><\/div>\n","protected":false},"featured_media":1838,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news_categories":[],"class_list":["post-1040","news_posts","type-news_posts","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nCryptocurrency Surge Sent Lawsuit Stake Soaring to $16 Billion - SilverMillerLaw.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/cryptocurrency-surge-sent-lawsuit-stake-soaring-16-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cryptocurrency Surge Sent Lawsuit Stake Soaring to $16 Billion - SilverMillerLaw.com\" \/>\n<meta property=\"og:description\" content=\"“In 2018, there are going to be a lot of fights between people over trying to enforce contracts that were negotiated when there was a much different valuation. 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