- Bitcoin SV retreats to the 6th position as Tether (USDT) claims the 5th position.
- United American Corporation is suing Bitmain, Bitcoin.com, Roger Ver as well as Kraken for malpractices in the BCH network.
Bitcoin SV, one of the original Bitcoin Cash chain off springs surged more than 30% following the negative publicity surrounding Bitmain and the leader of Bitcoin Cash (BCH) Roger Ver. The asset increased significantly in terms of both its price and market capitalization briefly sitting in the 5th position. Bitcoin Cash has been displaced into the 7th position. However, BSV has retreated a step back into the 6th position giving way for Tether (USDT) to become the 5th largest asset in the market.
Cointelegraph reported on December 7th that an American based company, UnitedCorp also known as United American Corporation is suing Bitmain, Bitcoin.com, Roger Ver as well as Kraken. The news of the case filing was released via a press released send to leading news outlets and states that the accused parties had planes for a hostile takeover of the Bitcoin Cash (BCH) network.
The case was filed in a United States District Court located in the United District of Florida. The defendants have been accused of employing uncouth methods that were leading to the manipulation of the Bitcoin Cash network. The filled case explains that the parties were doing so in order to benefit directly at the expense of UnitedCorp and other Bitcoin Cash Stakeholders. The press release states that:
“UnitedCorp believes 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 — all in violation of the accepted standards and protocols associated with Bitcoin since its inception.”
Bitcoin Cash network went through a gruesome hard fork that saw the community split into two camps with the chain also splitting into Bitcoin SV and Bitcoin ABC (BCH). The filed case further states that the above mentioned defendants resulted to “renting hashing” power in order to control the network moments following the upgrade. The situation meant that the community had to accept Bitcoin ABC rules and guidelines as opposed to the democratic rules that had been set.
The law suit wants an injunctive relief ruled against the named defendants. In addition, the defendants must stop the malpractices in the network not only at moment but also in the future. The company is also asking for compensation, the value of which would be set at the trial phase of the case.