OKCoin exchange in legal trouble; fails to give Bitcoin Cash [BCH] in airdrop
OKCoin crypto exchange is engulfed in legal trap for failing to provide Bitcoin Cash [BCH] to an investor of China in its airdrop. A law suit has been filed against this Chinese exchange due to the allegation made by the investor. He legally sued the exchange because he was supposed to receive Bitcoin Cash [BCH] which the exchange did not provide.
Last year in August, Bitcoin Cash [BCH] segregated from Bitcoin [BTC]. It was at this occasion that an airdrop was announced by OKCoin exchange. However, this investor could not get hold of any of the tokens that was meant to be given. With this instance, the first law suit pertaining to Bitcoin segregation in Beijing court is brought.
According to the views expressed by the investor, he has been deprived of 38.748 tokens.
His account did not show the deposition of Bitcoin Cash [BCH] by OKCoin. In the context, OKCoin has come up with an explanation stating that it was the investor’s job to claim the coin at the right time. As per the opinion given by the exchange, the investor failed to come and claim on time. Such a statement from the exchange agitated the investor, thereby, filing a lawsuit claiming 169,969 Yuan or $25,000.
In January, 2017 the plaintiff using the pseudonym Feng Bin, had purchased Bitcoin [BTC]. Later, in December of the year when he claimed Bitcoin Cash [BCH] which actually belonged to him, OKCoin refused. The exchange denied the investor on the ground of expiry of the forked coins.
Peng was informed,“The claim ‘button’ was a program that automatically executed BCH input to the user’s account. You cannot claim BCH anymore as the program has been removed from our platform. If you didn’t withdraw it at that time, it will be impossible to make later withdrawal.”
When he claimed his part of Bitcoin Cash [BCH], the amount of the tokens was equivalent to $40,000. According to the statement of Feng,“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.” However, in the perspective of OKCoin, the act of holding the fund for such a long time by the investor without significant activity was, indeed, suspicious.
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