Ethereum

Security

<p>The post <a href="https://coinpedia.org/news/kraken-emerges-victorious-in-xrp-lawsuit-safeguarding-user-privacy/">Kraken Takes Stand for Users’ Data in XRP Legal Battle</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a big win, <a href="https://pacer.login.uscourts.gov/csologin/login.jsf?pscCourtId=CANDC&amp;appurl=https://ecf.cand.uscourts.gov/doc1/035124010056">Kraken</a>, a major U.S. cryptocurrency exchange, successfully resolved a dispute about sharing user transaction data in an XRP lawsuit involving <a href="https://coinpedia.org/news/is-this-the-right-time-to-buy-ripple-xrp/">Ripple Labs</a> and Vladi Zakinov. Kraken stepped up to defend its users’ privacy during this legal challenge.</p> 
<p>But how did they pull off this digital David-vs-Goliath feat? And what does it mean for the future of cryptocurrency privacy? Let’s read on. </p> 
<h2 class="wp-block-heading" id="h-privacy-comes-first">Privacy Comes First</h2> 
<p>The issue revolves around a court order requiring U.S. crypto exchanges to disclose private trading data, including personal information, of those involved in XRP transactions from July 2017 to June 2023.</p> 
<p>Concerned about safeguarding customer privacy, Kraken took a firm stance against the order. In a proactive move last month, the <a href="https://pacer.login.uscourts.gov/csologin/login.jsf?pscCourtId=CANDC&amp;appurl=https://ecf.cand.uscourts.gov/doc1/035124010056">exchange submitted a formal plea</a>, seeking to protect its users’ data from being shared with the plaintiff’s lawyers.</p> 
<h2 class="wp-block-heading" id="h-victory-for-kraken">Victory for Kraken</h2> 
<p>In the latest update, on-chain investigator “Mr. Huber” reports that the U.S. court ruled in favor of Kraken’s plea, rejecting the direct transfer of customer data. Mr. Huber commends Kraken for its strong commitment, calling it the only platform standing up for users’ personal information.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">KUDOS! <a href="https://twitter.com/krakenfx?ref_src=twsrc%5Etfw">@krakenfx</a> was the only exchange to stand up for the protection of their clients' identity and personal data in the Zakinov case. The court granted their request not to transfer their customers' personal data directly to the Ethereum lawyer, but to contact them themselves… <a href="https://t.co/8AjsXmLdXV">pic.twitter.com/8AjsXmLdXV</a></p>— Mr. Huber
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;">
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f985.png" alt="🦅" class="wp-smiley" style="height: 1em; max-height: 1em;">
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Leerzeit) <a href="https://twitter.com/Leerzeit/status/1751918065246212483?ref_src=twsrc%5Etfw">January 29, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Kraken assures its customers that it will personally inform them about the lawsuit against Ripple Labs. The court statement shared by Mr. Huber guarantees that Kraken hasn’t shared and won’t share users’ information.</p> 
<p>Choosing direct communication with clients over revealing details to the court, Kraken emphasizes its dedication to preserving customer privacy and security.</p> 
<p>Also Read: <a href="https://coinpedia.org/price-analysis/xrp-price-rally-fading-away-ripple-price-to-record-10-correction-soon/">XRP Price Rally Fading Away! Ripple Price To Record 10% Correction Soon?</a></p> 
<h2 class="wp-block-heading" id="h-defining-xrp">Defining XRP</h2> 
<p>The legal dispute between Zakinov and Ripple centers on whether XRP is a security or a currency. Zakinov alleges that Ripple, its <a href="https://coinpedia.org/news/ripple-ceo-brad-garlinghouse-advocates-for-regulatory-clarity-and-blockchain-adoption-at-wef/">CEO Brad Garlinghouse</a>, and its subsidiary XRP II offered XRP as an unregistered security.</p> 
<p>The SEC vs. Ripple ruling has already determined that XRP doesn’t qualify as a security. The question remains whether the Zakinov vs. Ripple case judge will align with the <a href="https://coinpedia.org/news/decoding-ripples-win-in-sec-lawsuit-xrp-advocate-points-to-critical-factor/">SEC vs. Ripple</a> case ruling.</p> 
<p>Kraken’s involvement in the XRP lawsuit sheds light on the challenges faced by cryptocurrency exchanges.</p> 
<p>Read More: <a href="https://coinpedia.org/news/xrp-price-to-hit-3-84-ath-wall-street-predicts-ripple-breaking-ipo-record-at-500b-if-this-happens/">Wall Street Predicts $150B Valuation for Ripple IPO; XRP Price to Hit New ATH?</a></p>

Kraken Takes Stand for Users’ Data in XRP Legal Battle

Table of Contents

CoinPedia News

Other articles published on Jan 31, 2024

Filecoin integrates Pyth price feeds to enhance decentralized storage

Ripple’s co-founder confirms $113m theft, XRP down 5%

Can the XRP Price Hold Above $0.50? Key Levels You Need to Watch

3 tokens with 10x growth potential for February 2024

Menggali Potensi Pasar Kripto: Retik Finance, Solana dan Polygon

Ethereum Market Dynamics: Analyzing Price Movements and Future Projections

Join our free newsletter for daily crypto updates!