Former US Senate candidate John Deaton has expressed dissatisfaction with Linqto’s lack of customer response, suggesting a potential class action lawsuit against the company by XRP holders.
In a recent X post, lawyer Deaton said he received several messages from Linqto customers complaining about the company’s persistent lack of communication.
As a result, lawyer Deaton had planned for tomorrow’s Zoom meeting at 6pm EST on March 27th. He plans to clarify what is going on behind the scenes at Linqto and develop strategies for further action. In the meantime, he asked the Linqto user to contact him or his office for a link to the Zoom meeting.
Potential lawsuit?
In particular, Deaton, a lawyer, proposed joining other Linqto users and launching a class action lawsuit against the investment company. He said that most Linqto users are members of the XRP community and participated in class action lawsuits against the US SEC in the Ripple lawsuit and provided important affidavits.
Former Senate candidates highlighted them “We fought together once before (in the case of ripples), we fight together again.” Working on the Linqto Challenge.
This suggests that lawyer Deaton will encourage Linqto users to prepare for potential class action lawsuits against the investment company.
Linqto Crisis
Due to the context, some LINQTO users have complained that they are unable to withdraw funds from the platform this year. The company is also asking users to complete another KYC (knowing the customer) process.
These issues have raised concerns about potential bankruptcy, with some users asking for clarification from the company. However, Linqto has not yet issued an official statement via its social handle. The last post on X dates back to January 17, 2025, when we encouraged it to our users. “Continue climbing the investment fountain to reach the top.”
You have to continue climbing the investment mountain until you reach the summit! pic.twitter.com/mg5bnxwwnm
– linqto (@linqtoinc) January 17, 2025
Instead of issuing an official statement, we have chosen to communicate with some users via email. In a statement sent via email to users earlier this month, Linqto confirmed that Dan Siciliano has been appointed CEO and that the administrative staff has been changed.
According to Linqto, some senior executives have been removed from their previous roles, while others have ended their employment.
The development comes months after Linqto’s former Chief Revenue Officer (CRO) Jean Zawroty sued the company and two executives, alleging that market manipulation and fraud. Apparently, Linqto is trying to resolve the internal crisis before addressing user complaints.
Launched in 2018, Linqto is a Delaware-based investment platform that allows users to invest in pre-IPO stocks from top companies such as Ripple. Users can invest a minimum of $2,500 in these pre-IPO stocks.
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