Chinese Investor Sues Exchange OKCoin For Blocking Bitcoin Cash
A Chinese Bitcoin (BTC) investor sued OKCoin, a local crypto exchange for purportedly deterring him from acquiring Bitcoin Cash (BCH) after the BTC fork, local news office Legal Weekly reports July 31. The case is supposedly the first lawful activity in China that included last year’s fork of Bitcoin.
The investor, known under the pen name Bin, documented a claim against OKCoin, blaming the exchange for blocking him from accepting 38.748 BCH that he was expected after Bitcoin’s hard fork in August 2017.
In the claim, Feng Bin expresses that he tried to sell the Bitcoin Cash when the cryptocurrency achieved its all-time high of around $4,000 in December 2017. In any case, when the investor attempted to pull back the BCH after the fork, he apparently “found that there was no ‘button’ to extract the [BCH] that the platform promised.”
After a complaint to the platform’s client support, OKCoin expressed that Feng Bin would not be allowed to take any Bitcoin Cash because of the platform’s program for asserting the forked crypto has been terminated. The investor also guaranteed that the crypto exchange had not influenced an official declaration about the due date for asserting Bitcoin cash:
“I have been paying attention to the announcement of the OKcoin currency release. In all the announcements, there is no declaration of the deadline for receipt and the removal of the program.”
OKCoin has apparently tested Feng Bin’s claim, referring to irregularities between his story and the records of his account balances.
Bitcoin Cash is a popular example of a hard fork, which is a lasting part of a blockchain protocol, wherein hubs running in the last version will not be acknowledged in the new form.
Bitcoin forked on August 1, 2017, prompting the presence of two totally unique digital currencies, while clients who held bitcoin before the fork got an equivalent number of Bitcoin Cash. BCH celebrated its “first birthday ” earlier last week.
Bitcoin Cash has been the subject of some debate consistently. Roger Ver, one of the greatest promoters of BCH guaranteed that Bitcoin Cash is the “real Bitcoin” in November 2017. Ver said that BCH will “have the bigger market cap, trade volume and user base in the future.”