A lawsuit centered around bitcoin cash (BCH) – the big brother of bitcoin SV (BSV) and the spawn of bitcoin (BTC) – is likely to be stopped in its tracks.
Was Bitcoin Cash Manipulated?
Telecom company United America Corp is claiming that Roger Ver and a network of Chinese miners may have rigged the 2018 bitcoin cash hard fork to go their way. The hard fork, as we know, resulted in the new and highly controversial coin bitcoin SV, which Ver and creator of the latter coin Craig Wright have butted heads over on several occasions.
Ver argues that it’s BCH that embodies the very nature of what bitcoin was supposed to be all about, while Wright makes this case for BSV. In addition, Wright himself has claimed on numerous occasions to be Satoshi Nakamoto, the fabled creator of bitcoin, which has resulted in several side controversies that have taken their own routes away from BSV.
As it stands, Wright is now at the center of a separate legal fight between himself and Ira Kleiman, the brother of Dave Kleiman who allegedly helped Wright mine several BTC units early in its development stages. Dave passed away in 2013, and Ira is claiming that Wright is purposely trying to withhold several crypto units that should have been rightfully passed on to his brother’s estate.
Wright has since been ordered by a Florida judge to hand over half his alleged bitcoin fortune. Wright has also produced paperwork that some sources believe support his claims of being the initial bitcoin builder.
The bitcoin cash hard fork of 2018 also resulted in heavy price drops for most of the cryptocurrencies out there. Bitcoin, for example, lost more than 70 percent of its value and dropped down to about $3,500 when it had been trading in the low $6,000 range for several months prior. Other currencies, such as Ethereum (ETH) and EOS (EOS) fell even further, losing approximately 90 percent of their values.
U.S. Judge Chris McAliley – who oversaw the case between Ver and United American Corp – has dismissed things outright, saying that she doesn’t see any solid evidence of the latter company’s claims. However, United American has until the 28th of this month to file a complaint and submit new documentation supporting its side of the story.
United American Corp claims that Ver and a group of “Chinese cryptocurrency mining hardware specialists” sought to tinker with the bitcoin cash network so that it would work in their favor and eliminate any potential competition. It says the nodes used to implement the hard fork of nearly two years ago were not compatible with the system, which went against BCH community standards and may have corrupted the network.
We Need a Regulatory Hand
United Corp CEO Benoit Laliberte explained:
This industry needs the U.S. justice system to start applying laws.