The Massive $23,952,480 Figure Explained
It is the unpaid principal Nasdaq-listed Currenc Group disclosed in an Oct. 7 filing with the U.S. Securities and Exchange Commission (SEC), before adding late fees and court costs.
The debt traces back to Ripple’s on-demand liquidity (ODL) service, which uses $XRP as a bridge between two fiat currencies. According to the Singapore High Court judgment, GEA Limited, a Hong Kong remittance firm then owned by Seamless, signed an $XRP purchase agreement and a $5 million line of credit with Ripple on Sept. 12, 2022.
GEA ran up four invoices, one in October 2022 and three in March 2023, and paid only $8,455,740 toward one of them. Ripple withdrew the ODL service on March 11, 2023, after the collapse of Silicon Valley Bank. Two months later, Seamless founder Alexander Kong, Seamless, and Regal Planet signed a deed guaranteeing what GEA owed.
