Bitcoin

The antitrust lawsuit against Bitcoin Cash is dismissed with prejudice

The founder of Bitcoin.com, Roger Ver and other high-profile figures in the crypto space, including Kraken CEO Jesse Powell, have won a motion to dismiss an antitrust lawsuit filed against them for market manipulation.

The amended lawsuit was filed by the cryptocurrency company United American Corp in March 2020. v. Ver, Powell, Bitmain Technologies and their CEO Jihan Wutogether with Bitcoin Cash developers Shammah Chancellor and Jason Cox.

The case has now been dismissed with prejudice for lack of evidence. The decisive decision will be made after the district court dismissed the original lawsuit in February 2020.

The antitrust lawsuit against Bitcoin Cash is dismissed with prejudice
The antitrust lawsuit against Bitcoin Cash is dismissed with prejudice

In UAC’s first complaint, dated December 2018, Ver, Wu and Bitmain were accused of conspiring to manipulate the outcome of a Bitcoin Cash network update scheduled for November 15, 2018. when Bitcoin SV forked from Bitcoin Cash.

The original lawsuit was dismissed for lack of personal jurisdiction and failure to file a lawsuit. and the court warned the UAC before changing their claim that this was their last chance to represent their case.

The amended lawsuit alleged that the parties hired “mercenaries” from the mining industry to increase Bitcoin.com’s hashing performance by more than 4,000% and to dilute the votes of other companies participating in the network. It was alleged that they planned to temporarily take control and effectively centralize the market in violation of accepted standards and protocols.

South Florida District Court Judge Chris McAliley granted the defendant’s motion to dismiss the amended complaint. Noting that there was no evidence of a conspiracy:

“The court first examines whether the claim meets the requirements of the declaration of the first element, the conspiracy. It doesn’t. As mentioned earlier, the lawsuit must contain facts, not conclusions, that plausibly suggest a conspiracy. “

Judge McAliley explained that The plaintiff relied on circumstantial evidence and did not specifically allege an agreement between the defendants to manipulate the bitcoin cash market in violation of the Sherman Antitrust Act.

“After a thorough examination of the lawsuit, the court concludes that there is a lack of facts to create a reasonable expectation that the discovery will provide evidence of an illegal settlement.”

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