“Ripple, the so-called decentralized payment network, has frozen funds worth more than US$1 million that belong to the company’s former co-founder Jed McCaleb. Since their initial launch, Ripple has represented themselves to the public as a payment network of ‘decentralized’ gateways that convert different assets or types of payments—such as bitcoin or Paypal—into IOUs tradeable in the Ripple network. On August 1, 2014, Ripple introduced a feature called ‘Balance Freeze’ which allowed the network’s gateways to freeze and prevent funds from being traded, an action that they claimed was necessary to protect the gateways’ wallets from being compromised.”
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