The US Securities and Exchange Commission (SEC) asked on Monday (09) that Ripple provide all missing message data from the business communication platform Slack, amid an ongoing legal battle. On July 1, 2021, the regulatory authority informed the company that the previous data submission was incomplete.
“After repeatedly claiming that its production of Slack was complete, Ripple admitted that, due to a data processing error, it had collected only a small fraction of the messages,” the SEC said in the document, a month after the company by behind the XRP cryptocurrency having admitted such an error.
Why does it matter?
According to the regulator, Ripple’s alleged failure to provide complete messages from Slack had a negative impact on the ongoing legal battle. The regulator says the absence of such data was “highly detrimental” to the SEC.
“Ripple’s data error and refusal to produce most of the documents were already highly detrimental to the regulator. Among other things, the SEC testified 11 Ripple witnesses using incomplete records of their conversations,” the agency added.
The SEC further alleges that the messages Ripple has allegedly failed to provide so far — commonly called “missing documents” — are “necessary for the agency to build a complete and accurate record for the trial.”
The regulator says that these documents would not only be potentially admissible in the complaint, but also in the judgment. That’s because the agency believes the files “probably” can refresh the memory of Ripple employees before the court.
How much data from Ripple are we talking about?
The SEC says the lost documents add up to more than a million messages.
“The lost documents consist of more than a million messages, spanning terabytes of data,” the agency wrote. The SEC also says that this represents a lot of information that could “overshadow” Ripple’s e-mail productions.
*Translated and edited by permission of Decrypt.co