The Bitcoin Cash [BCH] hard fork that occurred on November 15, 2018, captured multiple headlines with many marking it a major event in the field of cryptocurrencies. The hard fork is the one that resulted in the split of the BCH blockchain to give birth to two different cryptocurrencies: Bitcoin Cash [BCH] and Bitcoin SV [BSV].
The fork was dominated by two camps, the Bitcoin ABC team led by Roger Ver and Bitmain’s Jihan Wu while the Bitcoin SV was led by nChain’s Craig Wright and Calvin Ayre. Post the fork, Ver and Wu were both sued by United Corp, an American management company who claimed that the ABC camp including popular cryptocurrency exchange Kraken, had flouted rules and regulations to benefit from the fork. The initial lawsuit said:
“The defendants [Bitmain, Bitcoin.com, Roger Ver and Kraken] collectively engaged in unfair methods of competition and through a series of unconscionable, deceptive and unfair practices, manipulated the Bitcoin Cash network for their benefit and to the detriment of UnitedCorp and other Bitcoin Cash stakeholders.”
The lawsuit was refuted by the alleged parties, citing lack of evidence and bogus claims. Following this, UnitedCorp has filed a new opposition to dismiss in its lawsuit. The company challenged the defendants to explain their actions under oath and stated that they will pursue discovery by way of deposition or under subpoena of the defendants.
The latest lawsuit made it the first antitrust action brought in the United States that involves the cryptocurrency industry. The new release from the company said:
“Miami‐based United American Corp announced today that their legal counsel Akerman LLP has filed a Consolidated Opposition to Defendant’s Motions to Dismiss Complaint in its suit against Bitmain Group, Bitcoin.com, Roger Ver, Jihan Wu, Kraken, Jesse Powell, Amaury Sechet, Shammah Chancellor and Jason Cox (the “Defendants”). The opposition was filed after the Defendants filed a motion to dismiss the UnitedCorp action on February 1st 2019.”
UnitedCorp also specifically pointed out to Bitmain’s usage of the Overt ASICBoost as a method to enhance Bitcoin ABC’s version of the fork. The company further stated that the firmware was made available in advance of the last Bitcoin Cash update by Bitmain only to Bitcoin ABC-supported pools, which are operated by the Roger Ver owned Bitcoin.com. The lawsuit also added:
“UnitedCorp alleges that these activities are evidence of not only a violation of the accepted standards and protocols associated with Bitcoin since its inception, but a violation of US antitrust laws including parts of the Sherman Act.”
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Bitcoin bulls swing price of its fork coins and Ripple’s XRP
The latest surge propelled by an increase in Bitcoin futures contract drove the cryptocurrency market to post gains this week, with digital currencies breaching previously set resistances. At press time, the collective market cap stood at $326.8 billion.
- Market Capitalization: $20.3 billion
- XRP rose to a price of $0.47 after rising 5.84% over the past day.
- 24-hour trading volume stood at $3.5 billion, out of which 8.78% was contributed by the trading pair XRP/USDT at BW.com
- XRP increased by $15.12% over the past week.
- Market Capitalization: $8.73 billion
- BCH surged by 9.52% over the last day to a price of $489.3.
- 24-hour trading volume stood at $3.62 billion.
- BCH contributed 9.97% via the trading pair BCH/BTC at LBank
- Besides, the Bitcoin fork coin rose by 14.5% over the seven days.
Bitcoin Satoshi Vision [BSV]:
- Market Capitalization: $4.28 billion
- Bitcoin Satoshi Vision, [BSV] increased by 6.79% over the last day to a price of $240.
- 24-hour trading volume stood at $758 million.
- BSV contributed 13.17% via the trading pair BCHSV/USDT at CoinBene.
- Additionally, BSV’s valuation rose by 12.96% over the past seven days.
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