The SEC wants Ripple to search through more than a million Slack messages left by its employees in order to obtain critical evidence.
August 10, 2021, | AtoZ Markets – The US Securities and Exchange Commission (SEC) has filed an early petition in which it asks the court to give her access to the correspondence of Ripple employees from the Slack messenger.
According to the SEC, Ripple promised to disclose such information at the beginning of the proceedings, but now, at the end of the evidence collection period, it suddenly refers to its inaccessibility due to errors in the process.
Messages were requested on the first day of the current stage, which started on January 25. According to the regulator, “significantly more than 1,000,000 messages containing terabytes of information are subject to disclosure.”
“The few Slack messages Ripple provided contained critical information that could not be found in emails or other documents,” the message says.
The SEC notes that it has every reason to consider the provided set of messages incomplete since they rarely contain the name of Ripple CEO Brad Garlinghouse, who is in the case as an individual defendant. Initially, Ripple argued that the SEC was wrong, but later agreed and admitted that it missed out on “a very significant amount of additional data.”
The SEC believes that it is precisely this missing data that could be decisive in the current investigation into the illegal sale of securities for $1.3 billion, in which Ripple is accused.
“If Ripple had properly searched and provided all the necessary messages from Slack, the SEC would almost certainly have been able to resume collecting data from other witnesses,” the regulator writes.
Think we missed something? Let us know in the comment section below.