Bitcoin Cash: the suit for alleged market manipulation rejected

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1 month ago
Topics: Bitcoin Cash

The Judge Chris McAliley the Southern District Court of Florida has filed a lawsuit for alleged manipulation of the Bitcoin Cash market. 

The facts refer to November 2018, when the fork of Bitcoin Cash (BCH) occurred which led to the birth of Bitcoin SV (BSV). 

The lawsuit was filed by a Florida-based blockchain company, United American Corp ( UnitedCorp ), which accused nine parties of being complicit in manipulating the BCH market during the 2018 fork. 

Among the accused were Bitmain , with co-founder Jihan Wu, Kraken , with founder Jesse Powell Roger Ver and developers Amaury Sechet, Shammah Chancellor and Jason Cox. 

According to reports, Roger Ver, Kraken and the Bitcoin Cash developers were colluded with Bitmain and redirected the haspower to BCH at the exact moment when the fork was expected. 

This would have forced the network to implement the Bitcoin ABC project, and caused irreparable damage to the BCH network itself, to the detriment of UnitedCorp and other stakeholders. 

According to UnitedCorp, this collusion violated US antitrust laws , and limited the other companies' right to competition. 

If the complaint had been accepted, it would have been the first US antitrust case involving companies in the crypto world. 

The court removed Sechet and Bitcoin.com from the list of defendants, and also dismissed the 90-day extension request.

However, the lawsuit was filed without prejudice, therefore the prosecutor could also present a new modified version. 

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Avatar for ItalianBlogger
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1 month ago
Topics: Bitcoin Cash
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