By Andrius Vaškevičius access_time 2 mins ago chat_bubble_outline Leave a comment
The tumultuous Bitcoin Cash (BCH) network saga keeps on rolling with both camps coming up with new allegations seemingly on a daily basis. The latest encounter has seen a Miami-based UnitedCorp launch a suit against mining giant Bitmain, major crypto exchange Kraken and Bitcoin.com CEO Roger Ver. According to the official press release , the aforementioned parties are alleged to have taken part in a “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.“ Bitcoin Cash network still at war
The BCH hard fork occurred on the 15 th of November, splitting the community into two main camps: Bitcoin Cash ABC and Bitcoin Cash SV. The defendants of the suit are all major stakeholders of the ABC camp.
The two sides have torn into each other on Twitter with Craig Wright, the self-proclaimed Satoshi Nakamoto and leader of the SV camp, calling Roger Ver an “enemy”, who “hates bitcoin.
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The lawsuit, filed with the US District Court for the Southern District of Florida states that the defendants collaborated to use unfair and deceptive practices in order to manipulate the BCH network.
Allegedly, Bitmain and co. conspired to hijack the network with an intent to centralize it, which goes against the core principles of BCH.
The suit further reads that, “Defendants took control of the Bitcoin Cash network immediately after the November 15th software upgrade against all principles and protocols of the blockchain, through the use of “rented hashing”. […] Once the Bitcoin ABC rule set was established, it became the dominant chain and the rented hashing was withdrawn and was no longer contributing to the Bitcoin Cash network.“ The allegations keep on piling up
UnitedCorp also claims that the ABC team planted a “poison pill” (dubbed Deep Reorg Prevention) into the blockchain on November 20 th in order to consolidate their grip on the network. It allegedly ensures control on any rule sets for future network upgrades.
Benoit Laliberte, the president of UnitedCorp commented that, “We are bringing this suit on behalf of UnitedCorp because we believe strongly in the value and integrity of democratic, distributed and decentralized blockchain networks which will become more important with time.
In order to maintain confidence in cryptocurrencies such as Bitcoin Cash, no person or entity can be allowed to control them.
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The suit seeks injunctive relief against the defendants to stop their alleged sabotage of the BCH network now and in the future. Unsurprisingly, the lawsuit also seeks monetary compensation, the amount of which is to be determined at the trial.
Image Source: “Flickr” Andrius Vaškevičius
I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team.
I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it. Written by Andrius Vaškevičius I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry.
Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it. Post navigation .
