Ripple CEO Garlinghouse Accused Of Corruption By Swan Co-Founder

Brady Swenson, co-founder of the Bitcoin-focused financial services platform Swan, unleashed a series of accusations against Ripple CEO Brad Garlinghouse on January 29 via X. Swenson began with an unequivocal statement—“Corrupt Brad … No, Brad Garlinghouse is not a man of integrity. His actions over the years show a pattern of misleading investors, pushing exaggerated narratives, and profiting at others’ expense.”

Ripple CEO Faces ‘Corrupt’ Claim from Swan Co-Founder

He first highlighted the issue of insider dumping. In his words, “Ripple executives, including Garlinghouse, dumped billions of XRP on retail investors” while simultaneously promoting optimistic forecasts for the token’s potential. Swenson characterizes these actions as “classic pump-and-dump behavior,” suggesting that such sales were timed to capitalize on Ripple’s own marketing efforts.

Swenson went on to discuss what he terms “false adoption claims,” pointing to the company’s repeated suggestions that major banks were actively using XRP. He argues that in most cases, financial institutions merely utilized RippleNet’s payments infrastructure and did not actually adopt XRP, saying that “Misleading at best, deceptive at worst” is how he views Ripple’s portrayal of these relationships.

He also touched upon the public narrative surrounding the SEC lawsuit, describing how Garlinghouse framed the regulatory action as a purely political move. According to Swenson, this approach deflects responsibility by rallying XRP holders in defense of Ripple and obscures the fact that the SEC specifically accused the company of selling unregistered securities. “The SEC sued Ripple for selling unregistered securities, and instead of taking responsibility, Garlinghouse framed it as a political attack to rally XRP holders behind him,” he stated.

Swenson’s critique of Garlinghouse’s position on decentralization is similarly incisive. He quotes Garlinghouse’s repeated claims that XRP is decentralized, only to counter that “Ripple owns the majority of supply and can manipulate the market at will.” For Swenson, this ownership structure contradicts the premise of true decentralization.

In the same vein, he criticizes what he sees as an ongoing cycle of overpromising and underdelivering, asserting that Garlingh

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Author: Jake Simmons

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