Chinese Trader Sues OKCoin Crypto Exchange for Failing to Release Bitcoin Cash

by | Aug 8, 2018 | Bitcoin, Cryptocurrency, Cryptocurrency News

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Chinese cryptocurrency exchange OkCoin has been sued by one of its users, a cryptocurrency trader investor for allegedly preventing him from getting Bitcoin Cash (BCH) after the BTC fork. Reportedly this case is the first legal action in China involving, last year’s fork of Bitcoin.

In accordance with the Chinese news outlet Legal Weekly‘s article, a lawsuit against OKCoin has been filed by an investor, known under the pseudonym Feng Bin. The investor accuses the exchange of denying his requests to obtain 38.748 Bitcoin Cash that was due after Bitcoin’s hard fork in August 2017.

The lawsuit states that this issue arose at the start of December 2017, when Feng Bin attempted to sell the Bitcoin Cash when the digital currency reached its all-time high of around $4,000. However, when he attempted to withdraw from OKCoin, the user reportedly “found that there was no ‘button’ to extract the [BCH] that the platform promised.”

As one does, the trader immediately complained about the issue to the platforms’ support tea. Feng Bin was informed that he could not extract any Bitcoin Cash because the platform’s program for claiming the forked crypto has expired. In turn, the investor claims that no explicit announcement regarding the expiry of the forked coins was made by the crypto exchange. An outraged Feng told reporters the following:

“I have been paying attention to the announcement of the OKcoin currency release. In all the announcements, there is no declaration of the deadline for receipt and the removal of the program.”

Feng is currently seeking financial compensation for 38.7 Bitcoin Cash and the profits lost incurred due to the lost opportunity to sell BCH at all-time highs. His claims have been reportedly challenged by OKCoin, citing inconsistencies between his story and the records of his account balances.

Read more: First Block of Bitcoin Cash Mined, Bitcoin officially splits. BCH jumps from 699 to Number 3.

BCH celebrated its “first birthday” earlier last week as the Bitcoin forked happened on August 1, 2017. It led to two completely different digital currencies and the users who held Bitcoin prior to the fork received an equal number of Bitcoin Cash. The year has been quite controversial for BCH. Notably, one of the biggest promoters of BCH Roger Ver claimed that Bitcoin Cash is the “real Bitcoin” in November 2017.

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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