Court Rejects Claim Against Kraken, Bitmain And Roger Vera For Bitcoin Cash Manipulation
The court dismissed the claim of Mining company United American Corp. against the Kraken exchange, her founder Jesse Powell, Bitmain, its co-founder Jihan Wu and Roger Vera, accusing their in manipulation the market Bitcoin Cash and required to pay $ 4 billion compensation. IN quality causes refusals the court indicated on lack of jurisdiction of the case and lack of grounds.
UnitedCorp argued that suffered significant losses due to actions of the defendants, which after the emergence of Bitcoin SV in 2018 year staged a so-called “hash war” and for 11 days competed to form the longest chain. Role exchanges Kraken in these events was associated with themes, what it the first decided award BCH chain ticker, also wearing Bitcoin ABC name.
The simultaneous drop in the price of Bitcoin Cash from $ 400 to $ 200 led to a significant drop in UnitedCorp’s mining revenue. The firm alleged that the defendants violated the Sherman Act (the first antitrust law USA, proclaiming obstruction freedom trade creating trust and conspiracy for this purpose), the Clayton Act, which also regulates the activities of trusts, has demonstrated negligence, unintentional misrepresentation, unlawful enrichment and turning property in their favor.
In time hash-wars the amount of computing power in networks Bitcoin Cash reached 7.88 EH / s, then as now equal to 3.99 EH / s. Of–per actions of other miners UnitedCorp could receive less of the rewards that it had hoped for before, and the depreciation only aggravated her situation.
The court dismissed the claim without further restrictions. As such, UnitedCorp is allowed to file him the revised version again until February 28.