Antitrust Suit of Bitcoin Cash dismissed with Prejudice

Antitrust Suit of Bitcoin Cash dismissed with Prejudice

The suit involving Jesse Powell and Roger Ver in which they were accused of market manipulation.

An antitrust issue has been dismissed by the court upon a motion filed by Roger Ver, the founder of Bictoin.com and other high profile crypto figures, which includes Jesse Powell, the Kraken CEO, in which they were accused of market manipulation.

The Crypto Company United American Corp filed the amended complaint in March 2020 against Ver, Powell, Bitman Technologies and its CEO JIhan Wu, also affected by the amended complaint were Bitcoin cash developers, Jason Cox and Shammah Chancellor.

Due to lack of evidence, the case has been dismissed with prejudice. It is pertinent to mention that the present decision came when the court threw out the first complaint without prejudice in 2020, February.

The Bitcoin Cash Network upgrade, which was scheduled for November 15, 2018 is the reason for the antitrust suit because they were accused on intending to manipulate it. Because Bitcoin SV went forked from Bitcoin Cash.

The original complaint was thrown out due to a lack of personal jurisdiction and failure to state a claim, with the court advising UAC even before amending its claim, that this would be the last opportunity to state its case.

The amended lawsuit claimed the parties hired “mercenary” mining power to increase Bitcoin.com’s hashing power by more than 4,000% and dilute votes submitted by other entities participating in the network. It alleged they schemed to temporarily take over and effectively centralize the market in violation of accepted standards and protocols.

 

 

 

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