A Miami-based company United American Corp (“UnitedCorp”), announced that it was filing a lawsuit against Bitcoin Cash ABC (BCHABC) proponents such as Roger Ver, the founder of bitcoin.com, Bitmain, one of the largest bitcoin mining companies, cryptocurrency exchange, Kraken.
The lawsuit alleges that the trio came upon this “well-planned scheme to take control of the Bitcoin Cash network for personal gain and which caused a global capitalization meltdown of the Bitcoin Cash network at the expense of others.”
The lawsuit was filed in the US District Court for the Southern District of Florida, further alleged that the defendants had conspired to engage in unfair methods of competition and through a series of unconscionable, deceptive and unfair practices, manipulated the Bitcoin Cash network for their benefit and to the detriment of UnitedCorp and other Bitcoin Cash stakeholders.
The company stated that it believed that the defendants colluded to effectively hijack the Bitcoin Cash network after the November 15, 2018 scheduled software update with the intent of centralizing the network which were all in violation of the accepted standards and protocols associated with Bitcoin since its inception. The company further alleged that after the inception of Bitcoin Cash ABC, there was no further continuation to contribute to the original Bitcoin cash network.
In the aftermath of the hard fork, Kraken had warned investors against Bitcoin Satoshi Vision (SV), at the time of listing the coin. It had stated, “Bitcoin SV does NOT meet Kraken’s usual listing requirements. It should be seen as an extremely high risk investment. There are many red flags that traders should be aware of.”
To be fair, while the exchange Kraken is named in the lawsuit, UnitedCorp does not exactly specify how Kraken figures in this mess. So far the exchange has not published any response to the same. We reached out to Kraken to get a statement on this. We will update the article as and when Kraken responds.
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