A lawsuit has been filed against some of the huge names in crypto space such as Bitmain, Bitcoin.com, Roger Ver, and the Kraken Bitcoin Exchange. A Florida-based company, United American Corp has alleged that a tight-knit network of individuals hijacked the Bitcoin Cash network.
UnitedCorp is a development and management firm established in 1992. It specifically operates on telecommunications and information technologies. Also, the firm holds and manages BlockchainDomes stations, that provide heat for agricultural applications.
The lawsuit filed against these crypto giants claims that the defendants used unfair methods and practices to manipulate the BCH network for their benefit and detriment of UnitedCorp and other BCH stakeholders. The suit further reads, “UnitedCorp believes that the defendants colluded to effectively hijack the Bitcoin Cash network after the November 15, 2018, scheduled software update with the intent of centralizing the network — all in violation of the accepted standards and protocols associated with Bitcoin since its inception.”
The BCH network experienced a hard fork, which divided the crypto community into two, Bitcoin Cash ABC supporters and Cash SV supporters. The hard fork had triggered the hash war within the market.
About the lawsuit, Benoit Laliberte, president of UnitedCorp stated, “We are bringing this suit on behalf of UnitedCorp because we believe strongly in the value and integrity of democratic, distributed and decentralized blockchain networks which will become more important with time – In order to maintain confidence in cryptocurrencies such as Bitcoin Cash, no person or entity can be allowed to control them.”
Additionally, UnitedCorp alleges that to possess control over the blockchain ledger, the team behind Bitcoin ABC put a “poison pill” in the blockchain by the method of a “Deep Reorg Prevention”. With that, the lawsuit demands the compensation. Although the value of compensations will be decided at trial.
Bitcoin Cash has faced considerable losses on the day. The altcoin is decreased by about 20 percent over the last 24 hours while trading at around $103. On the other hand, Bitcoin SV (BSV) has witnessed daily gains of more than 27 percent and is trading around $112.