Malaysian court grants Ripple charging order over Seamless Group's Tranglo stake to recover unpaid XRP invoices
A Malaysian court gave Ripple a charging order over Seamless Group's 60% stake in Tranglo, valued at $400 million, to collect roughly $24 million in unpaid XRP invoices from Ripple's ODL service.
Why it matters
The charging order puts a $400 million asset at stake in a $24 million debt dispute and could shift control of Tranglo, a cross-border payments infrastructure company in which Ripple already holds a 40% stake. The outcome may affect Ripple's ODL network expansion in Southeast Asia and the viability of the pending Currenc–New Margin transaction.
Key facts
Ripple seeks to recover roughly $24 million in unpaid XRP invoices from Seamless Group's subsidiary GEA Limited.
24,000,000 USDReported by Bitcoin.com News
The Singapore High Court dismissed Seamless Group's appeal arguing an oral 2021 Cooperation Agreement barred Ripple from withdrawing ODL service.
Reported by Crypto News (CryptoNews.net)
Judge Valerie Thean refused to stay enforcement of the Singapore judgment.
Reported by Crypto News (CryptoNews.net)
GEA Limited paid only $8,455,740 toward one of four XRP invoices issued between October 2022 and March 2023.
8,455,740 USDReported by Bitcoin.com News
Ripple withdrew its on-demand liquidity service on March 11, 2023, after the collapse of Silicon Valley Bank.
Reported by Bitcoin.com News
What happened
The High Court of Malaya made absolute a charging order on October 1 over 100,465 Tranglo shares held by Seamless Group, following a Singapore High Court judgment that dismissed Seamless's appeal arguing an oral 2021 Cooperation Agreement barred Ripple from withdrawing its on-demand liquidity service. Ripple registered the Singapore judgment in Malaysia on April 17 under the Reciprocal Enforcement of Judgments Act 1958. The debt originated from four XRP invoices issued to GEA Limited, a Hong Kong remittance firm then owned by Seamless, which paid only $8,455,740 toward one invoice before Ripple withdrew ODL service on March 11, 2023. Seamless founder Alexander Kong, Seamless, and Regal Planet had signed a deed guaranteeing GEA's obligations. Ripple already owns 40% of Tranglo and may seek a court-approved sale of the charged 60% stake from October 7, though Seamless can still contest valuation and sale terms. A separate $400 million sale of the same stake to New Margin Holding Limited, announced by Nasdaq-listed Currenc Group on January 2 with a September 30 closing deadline, has not been disclosed as closed.
How the story developed
- Resolution
Malaysian High Court makes charging order absolute over Seamless Group's Tranglo stake
Order covers 100,465 shares; Ripple may seek court-approved sale from October 7
- First report
First report by Bitcoin.com News
Ripple’s $24M XRP Debt Fight Puts a $400M Tranglo Stake on the Block
- Update
GEA Limited signs XRP purchase agreement and $5 million line of credit with Ripple
Singapore High Court judgment states agreement signed on September 12, 2022
- Update
Ripple withdraws ODL service after Silicon Valley Bank collapse
Service withdrawn on March 11, 2023
- Update
Seamless founder Alexander Kong, Seamless, and Regal Planet sign deed guaranteeing GEA's debt
Deed signed two months after ODL withdrawal
- Official statement
Singapore High Court dismisses Seamless appeal and refuses stay of enforcement
Judge Valerie Thean rules against defendants' oral Cooperation Agreement argument
- Official statement
Ripple registers Singapore judgment in Malaysia under Reciprocal Enforcement of Judgments Act 1958
Registration completed on April 17, 2026
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 9 Oct 2026, 16:25 UTC: Bitcoin.com News, official — 1 independent source, 1 reports
Affected entities
Also mentioned: Bitcoin, Hong Kong, Nasdaq, Upbit
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Ripple’s $24M XRP Debt Fight Puts a $400M Tranglo Stake on the Block | Original | |
| Crypto News (CryptoNews.net) Aggregator | Ripple's $24M XRP Debt Fight Puts a $400M Tranglo Stake on the Block | Syndicated |
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