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Former U.S. Senate Candidate John Deaton expresses frustration over Linqto’s lack of response to customers, hinting at a potential class action by XRP holders against the company.
In a recent X post, Attorney Deaton said he had received several messages from Linqto customers complaining about the company’s persistent lack of communication.
Consequently, Attorney Deaton scheduled a Zoom meeting for tomorrow, March 27, at 6 p.m. (EST). He plans to clarify what might be happening behind the scenes at Linqto and strategize for further action. In the meantime, he asked Linqto users to contact him or his office for a link to the Zoom meeting.
Potential Lawsuit?
Notably, Attorney Deaton suggested he might join other Linqto users to initiate a class action against the investment firm. He said most Linqto users were XRP community members who joined the class action against the U.S. SEC in the Ripple lawsuit and provided vital affidavits.
The former Senate candidate emphasized that they ‘fought together once before [in the Ripple case] and will fight together again’ to tackle the Linqto challenge.
This suggests that Attorney Deaton might urge Linqto users to prepare for a potential class action against the investment company.
Linqto Crisis
For context, several Linqto users have been complaining about their inability to withdraw funds from the platform this year. The company has also requested users to complete another KYC (Know Your Customer) process, which many find frustrating.
These issues have triggered concerns about a potential bankruptcy, with some users seeking clarification from the company. However, Linqto has yet to issue an official statement via any of its social handles. Its last post on X dates back to January 17, 2025, when it encouraged users to ‘keep climbing the investment fountain to reach the top.’
Have to keep climbing the investment mountain until you reach the top! pic.twitter.com/Mg5bNxWwNM
— Linqto (@linqtoinc) January 17, 2025
Instead of issuing a public statement, it chose to communicate with some users through email. In a statement emailed to users earlier this month, Linqto confirmed it had changed its management staff, with Dan Siciliano appointed as CEO.
According to Linqto, some senior executives were removed from their previous roles, while others had their employment terminated.
This development comes a few months after Linqto’s former Chief Revenue Officer (CRO) Gene Zawroty sued the company and two of its executives, alleging market manipulation and fraud. Apparently, Linqto is attempting to resolve its internal crisis before addressing users’ complaints.
Launched in 2018, Linqto is a Delaware-based investment platform that allows users to invest in pre-IPO shares of top companies like Ripple. Users can invest a minimum of $2,500 in these pre-IPO shares.