Ripple Trade Shut Down - Revision history

Azoundria at 19:17, 14 March 2025

2025-03-14T19:17:12Z

← Older revision		Revision as of 13:17, 14 March 2025
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			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== References ==		== References ==
	<references><ref name="reddit-8007">[https://www.reddit.com/r/Ripple/comments/3pte6v/rippletradecom_alternative/ RippleTrade.com alternative? : Ripple] (Jun 9, 2022)</ref>		<references><ref name="reddit-8007">[https://www.reddit.com/r/Ripple/comments/3pte6v/rippletradecom_alternative/ RippleTrade.com alternative? : Ripple] (Accessed Jun 9, 2022)</ref>

	<ref name="bitcoinist-8008">[https://bitcoinist.com/wait-ripple-centralized/ 'So Wait - Is Ripple Centralized After All?' \| Bitcoinist.com] (Jun 12, 2022)</ref>		<ref name="bitcoinist-8008">[https://bitcoinist.com/wait-ripple-centralized/ 'So Wait - Is Ripple Centralized After All?' \| Bitcoinist.com] (Accessed Jun 12, 2022)</ref>

	<ref name="reddit-8009">[https://www.reddit.com/r/Ripple/comments/41t5vm/now_that_rippletrade_will_shut_down_what_alt/ Now that RippleTrade will shut down, what alt Wallets will be good for XRP? : Ripple] (Jun 12, 2022)</ref>		<ref name="reddit-8009">[https://www.reddit.com/r/Ripple/comments/41t5vm/now_that_rippletrade_will_shut_down_what_alt/ Now that RippleTrade will shut down, what alt Wallets will be good for XRP? : Ripple] (Accessed Jun 12, 2022)</ref>

	<ref name="financemagnates-8010">[https://www.financemagnates.com/cryptocurrency/exchange/ripple-trade-closing-replaced-with-wallet-and-trading-portal-gatehub/ Ripple Trade Closing, Replaced With Wallet and Trading Portal GateHub \| Finance Magnates] (Jun 12, 2022)</ref>		<ref name="financemagnates-8010">[https://www.financemagnates.com/cryptocurrency/exchange/ripple-trade-closing-replaced-with-wallet-and-trading-portal-gatehub/ Ripple Trade Closing, Replaced With Wallet and Trading Portal GateHub \| Finance Magnates] (Accessed Jun 12, 2022)</ref>

	<ref name="financemagnates-8011">[https://www.financemagnates.com/cryptocurrency/news/ripple-trade-to-require-id-in-compliance-shift/ Ripple Trade to Require ID in Compliance Shift] (Jun 12, 2022)</ref>		<ref name="financemagnates-8011">[https://www.financemagnates.com/cryptocurrency/news/ripple-trade-to-require-id-in-compliance-shift/ Ripple Trade to Require ID in Compliance Shift] (Accessed Jun 12, 2022)</ref>

	<ref name="ripplegithub-8012">[https://github.com/ripple/ripple-client GitHub - ripple/ripple-client: A UI for the Ripple payment network built using web technologies] (Jun 12, 2022)</ref>		<ref name="ripplegithub-8012">[https://github.com/ripple/ripple-client GitHub - ripple/ripple-client: A UI for the Ripple payment network built using web technologies] (Accessed Jun 12, 2022)</ref>

	<ref name="btcdotcom-8013">[https://www.newsbtc.com/news/ripple-labs-quietly-suspends-new-signups-on-ripple-trade/ Ripple Labs Quietly Suspends New Signups on Ripple Trade] (Jun 12, 2022)</ref>		<ref name="btcdotcom-8013">[https://www.newsbtc.com/news/ripple-labs-quietly-suspends-new-signups-on-ripple-trade/ Ripple Labs Quietly Suspends New Signups on Ripple Trade] (Accessed Jun 12, 2022)</ref>

	<ref name="fortune-8014">[https://fortune.com/2015/07/09/ripple-halts-new-accounts/ https://fortune.com/2015/07/09/ripple-halts-new-accounts/] (Jun 12, 2022)</ref>		<ref name="fortune-8014">[https://fortune.com/2015/07/09/ripple-halts-new-accounts/ https://fortune.com/2015/07/09/ripple-halts-new-accounts/] (Accessed Jun 12, 2022)</ref>

	<ref name="nagamarkets-8015">[https://nagamarkets.com/news-and-analysis/articles/how-to-trade-ripple https://nagamarkets.com/news-and-analysis/articles/how-to-trade-ripple] (Jun 12, 2022)</ref></references>		<ref name="nagamarkets-8015">[https://nagamarkets.com/news-and-analysis/articles/how-to-trade-ripple https://nagamarkets.com/news-and-analysis/articles/how-to-trade-ripple] (Accessed Jun 12, 2022)</ref></references>

Azoundria at 23:59, 12 April 2023

2023-04-12T23:59:11Z

← Older revision		Revision as of 17:59, 12 April 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/rippletradeshutdown.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/rippletradeshutdown.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Rippletrade.jpg\|thumb\|Ripple Trade]]The Ripple Trade platform served as one of the primary gateways for users to bridge between the Ripple cryptocurrency and different fiat currencies or other asset-backed currencies. Ripple Trade was discontinued due to money laundering concerns. Users were provided steps to migrate their assets to GateHub.		[[File:Rippletrade.jpg\|thumb\|Ripple Trade]]The Ripple Trade platform served as one of the primary gateways for users to bridge between the Ripple cryptocurrency and different fiat currencies or other asset-backed currencies. Ripple Trade was discontinued due to money laundering concerns. Users were provided steps to migrate their assets to GateHub.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="reddit-8007" /><ref name="bitcoinist-8008" /><ref name="reddit-8009" /><ref name="financemagnates-8010" /><ref name="financemagnates-8011" /><ref name="ripplegithub-8012" /><ref name="btcdotcom-8013" /><ref name="fortune-8014" /><ref name="nagamarkets-8015" />
	<ref name="reddit-8007" /><ref name="bitcoinist-8008" /><ref name="reddit-8009" /><ref name="financemagnates-8010" /><ref name="financemagnates-8011" /><ref name="ripplegithub-8012" /><ref name="btcdotcom-8013" /><ref name="fortune-8014" /><ref name="nagamarkets-8015" />

	== About Ripple Trade ==		== About Ripple Trade ==
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	!Description		!Description
	\|-		\|-
	\|December 15th, 2015 4:55:00 AM		\|December 15th, 2015 4:55:00 AM MST
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Which policies could have prevented this event from happening?~~

	== References ==		== References ==

Azoundria at 00:52, 16 February 2023

2023-02-16T00:52:51Z

← Older revision		Revision as of 18:52, 15 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/rippletradeshutdown.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/rippletradeshutdown.php}}
			{{Unattributed Citations}}

	[[File:Rippletrade.jpg\|thumb\|Ripple Trade]]The Ripple Trade platform served as one of the primary gateways for users to bridge between the Ripple cryptocurrency and different fiat currencies or other asset-backed currencies. Ripple Trade was discontinued due to money laundering concerns. Users were provided steps to migrate their assets to GateHub.		[[File:Rippletrade.jpg\|thumb\|Ripple Trade]]The Ripple Trade platform served as one of the primary gateways for users to bridge between the Ripple cryptocurrency and different fiat currencies or other asset-backed currencies. Ripple Trade was discontinued due to money laundering concerns. Users were provided steps to migrate their assets to GateHub.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.
			<ref name="reddit-8007" /><ref name="bitcoinist-8008" /><ref name="reddit-8009" /><ref name="financemagnates-8010" /><ref name="financemagnates-8011" /><ref name="ripplegithub-8012" /><ref name="btcdotcom-8013" /><ref name="fortune-8014" /><ref name="nagamarkets-8015" />

	== About Ripple Trade ==		== About Ripple Trade ==
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	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
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	\|-		\|-
	\|December 15th, 2015 4:55:00 AM		\|December 15th, 2015 4:55:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	~~The total amount~~ lost ~~is unknown~~.		No funds were lost.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
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	== Prevention Policies ==		== Prevention Policies ==
			Which policies could have prevented this event from happening?

	== References ==		== References ==
	[https://www.reddit.com/r/Ripple/comments/3pte6v/rippletradecom_alternative/ RippleTrade.com alternative? : Ripple] (Jun 9)		<references><ref name="reddit-8007">[https://www.reddit.com/r/Ripple/comments/3pte6v/rippletradecom_alternative/ RippleTrade.com alternative? : Ripple] (Jun 9, 2022)</ref>

	[https://bitcoinist.com/wait-ripple-centralized/ 'So Wait - Is Ripple Centralized After All?' \| Bitcoinist.com] (Jun 12)		<ref name="bitcoinist-8008">[https://bitcoinist.com/wait-ripple-centralized/ 'So Wait - Is Ripple Centralized After All?' \| Bitcoinist.com] (Jun 12, 2022)</ref>

	[https://www.reddit.com/r/Ripple/comments/41t5vm/now_that_rippletrade_will_shut_down_what_alt/ Now that RippleTrade will shut down, what alt Wallets will be good for XRP? : Ripple] (Jun 12)		<ref name="reddit-8009">[https://www.reddit.com/r/Ripple/comments/41t5vm/now_that_rippletrade_will_shut_down_what_alt/ Now that RippleTrade will shut down, what alt Wallets will be good for XRP? : Ripple] (Jun 12, 2022)</ref>

	[https://www.financemagnates.com/cryptocurrency/exchange/ripple-trade-closing-replaced-with-wallet-and-trading-portal-gatehub/ Ripple Trade Closing, Replaced With Wallet and Trading Portal GateHub \| Finance Magnates] (Jun 12)		<ref name="financemagnates-8010">[https://www.financemagnates.com/cryptocurrency/exchange/ripple-trade-closing-replaced-with-wallet-and-trading-portal-gatehub/ Ripple Trade Closing, Replaced With Wallet and Trading Portal GateHub \| Finance Magnates] (Jun 12, 2022)</ref>

	[https://www.financemagnates.com/cryptocurrency/news/ripple-trade-to-require-id-in-compliance-shift/ Ripple Trade to Require ID in Compliance Shift] (Jun 12)		<ref name="financemagnates-8011">[https://www.financemagnates.com/cryptocurrency/news/ripple-trade-to-require-id-in-compliance-shift/ Ripple Trade to Require ID in Compliance Shift] (Jun 12, 2022)</ref>

	[https://github.com/ripple/ripple-client GitHub - ripple/ripple-client: A UI for the Ripple payment network built using web technologies] (Jun 12)		<ref name="ripplegithub-8012">[https://github.com/ripple/ripple-client GitHub - ripple/ripple-client: A UI for the Ripple payment network built using web technologies] (Jun 12, 2022)</ref>

	[https://www.newsbtc.com/news/ripple-labs-quietly-suspends-new-signups-on-ripple-trade/ Ripple Labs Quietly Suspends New Signups on Ripple Trade] (Jun 12)		<ref name="btcdotcom-8013">[https://www.newsbtc.com/news/ripple-labs-quietly-suspends-new-signups-on-ripple-trade/ Ripple Labs Quietly Suspends New Signups on Ripple Trade] (Jun 12, 2022)</ref>

	[https://fortune.com/2015/07/09/ripple-halts-new-accounts/ https://fortune.com/2015/07/09/ripple-halts-new-accounts/] (Jun 12)		<ref name="fortune-8014">[https://fortune.com/2015/07/09/ripple-halts-new-accounts/ https://fortune.com/2015/07/09/ripple-halts-new-accounts/] (Jun 12, 2022)</ref>

	[https://nagamarkets.com/news-and-analysis/articles/how-to-trade-ripple https://nagamarkets.com/news-and-analysis/articles/how-to-trade-ripple] (Jun 12)		<ref name="nagamarkets-8015">[https://nagamarkets.com/news-and-analysis/articles/how-to-trade-ripple https://nagamarkets.com/news-and-analysis/articles/how-to-trade-ripple] (Jun 12, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/rippletradeshutdown.php}} Ripple TradeThe Ripple Trade platform served as one of the primary gateways for users to bridge between the Ripple cryptocurrency and different fiat currencies or other asset-backed currencies. Ripple Trade was discontinued due to money laundering concerns. Users were provided steps to migrate their assets to GateHub. This is a global/inter..."

2023-01-24T20:46:57Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/rippletradeshutdown.php}} thumb|Ripple TradeThe Ripple Trade platform served as one of the primary gateways for users to bridge between the Ripple cryptocurrency and different fiat currencies or other asset-backed currencies. Ripple Trade was discontinued due to money laundering concerns. Users were provided steps to migrate their assets to GateHub. This is a global/inter..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/rippletradeshutdown.php}}

[[File:Rippletrade.jpg|thumb|Ripple Trade]]The Ripple Trade platform served as one of the primary gateways for users to bridge between the Ripple cryptocurrency and different fiat currencies or other asset-backed currencies. Ripple Trade was discontinued due to money laundering concerns. Users were provided steps to migrate their assets to GateHub.

This is a global/international case not involving a specific country.

== About Ripple Trade ==
"Launched in 2012, Ripple aims to support instant cross-border payments through its network and gateways. These gateways can be integrated by financial institutions, several of which have joined the network or have explored doing so over the past two years."

"Ripple Trade is one of Ripple Labs' recent additions to its suite of services." "The Ripple Trade client is an open-source GUI for the Ripple network that facilitates the peer-to-peer exchange of any store of value. It’s the only platform where you can trade between stores of value spanning fiat, cryptocurrencies, commodities, and unusual assets like pre-1965 silver dimes." "Ripple Trade [was] available at www.rippletrade.com."

"The exchange Ripple Trade allowed users to trade between fiat and the digital currency." "According to its website, the platform facilitates the trading of hundreds of assets including fiat currencies, and gold. It was intended to be the most direct and economical venue to acquire Ripple’s XRP currency." "There are no trading fees." "Accounts [we]re fully activated via deposits of Bitcoin or XRP."

"The service goes a step further to decentralize its model with its unique credentials and logins procedure. It does not act as trusted custodian to manage login credentials, and does not offer a mechanism of recovery should you forget your password. Instead, it displays a one-time secret key, which should be recorded and stored in a safe place. The key acts as a backup to unlock your account."

"In 2014, the [Ripple] currency had continued its operations to become a bank-to-bank model involving itself with many institutions and also following regulatory policy. At the end of the year, the gateway XRP users had used in the past to sell the token for fiat called Ripple Trade, has now revealed its own policy towards its users. The platform would require verified identification in order to operate its system. This had created quite a stir in the decentralized community as sell-offs started occurring again dropping the tokens value."

"Ripple has added a small notice on its Ripple Trade website stating that the company encourages its existing users to verify their identity details before August 30, 2015. Identity verification is optional until the deadline and existing users can continue to trade with their unverified accounts until the deadline. It also mentioned that the company is pausing all account signups until further notice." "RippleTrade [started] requiring a government issued ID and other personal information October 31 2015."

"Thanks to the recent crackdown by US Financial Crimes Enforcement Network (FinCEN) where Ripple was slapped with a $700,000 fine for non-compliance of regulations while operating as a money services business and selling its virtual currency. FinCEN had found that the parent company of Ripple Labs — XRP II, LLC had willfully violated the Banking Secrecy Act by not implementing effective Anti-Money Laundering (AML) program. Since the enforcement drive, Ripple has suspended all new signups on Ripple Trade."

“We are discontinuing operations of rippletrade.com.” ~ Ripple Support

“Thus, in the best interest of the Ripple ecosystem, we are discontinuing support for Ripple Trade in early 2016. The exact date is to be determined as we’re focused right now on providing a smooth a transition to new wallets and gateway services for Ripple Trade customers.” ~ Ripple Support

"Ripple has set up an "optimal migration path" for users to move their holdings from Ripple Trade to GateHub. Alternatively, they can make a manual transfer to external wallets."

"US-based users have until January 13 to migrate their funds through a gateway or to another wallet provider, after which the funds will no longer be accessible. Users based outside of the US will have longer; an exact deadline for them is yet to be determined."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Ripple Trade Shut Down
!Date
!Event
!Description
|-
|December 15th, 2015 4:55:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==

== References ==
[https://www.reddit.com/r/Ripple/comments/3pte6v/rippletradecom_alternative/ RippleTrade.com alternative? : Ripple] (Jun 9)

[https://bitcoinist.com/wait-ripple-centralized/ 'So Wait - Is Ripple Centralized After All?' | Bitcoinist.com] (Jun 12)

[https://www.reddit.com/r/Ripple/comments/41t5vm/now_that_rippletrade_will_shut_down_what_alt/ Now that RippleTrade will shut down, what alt Wallets will be good for XRP? : Ripple] (Jun 12)

[https://www.financemagnates.com/cryptocurrency/exchange/ripple-trade-closing-replaced-with-wallet-and-trading-portal-gatehub/ Ripple Trade Closing, Replaced With Wallet and Trading Portal GateHub | Finance Magnates] (Jun 12)

[https://www.financemagnates.com/cryptocurrency/news/ripple-trade-to-require-id-in-compliance-shift/ Ripple Trade to Require ID in Compliance Shift] (Jun 12)

[https://github.com/ripple/ripple-client GitHub - ripple/ripple-client: A UI for the Ripple payment network built using web technologies] (Jun 12)

[https://www.newsbtc.com/news/ripple-labs-quietly-suspends-new-signups-on-ripple-trade/ Ripple Labs Quietly Suspends New Signups on Ripple Trade] (Jun 12)

[https://fortune.com/2015/07/09/ripple-halts-new-accounts/ https://fortune.com/2015/07/09/ripple-halts-new-accounts/] (Jun 12)

[https://nagamarkets.com/news-and-analysis/articles/how-to-trade-ripple https://nagamarkets.com/news-and-analysis/articles/how-to-trade-ripple] (Jun 12)