BTC Wires

Local Chinese Exchange Gets Sued By BTC Investor

A local Chinese crypto exchange has been sued by a crypto investor who accused the exchange of barring him from securing Bitcoin Cash (BCH) after the BTC fork. It is apparently the very first legal precedent in China concerning the fork of Bitcoin last year. OKCoin is a renowned global exchange and trades in BTC, LTC, ETH, ETC, BCH

The investor has claimed that he has been barred from receiving 38.748 BCH that he was supposed to receive after Bitcoin’s August ‘17 hard fork. The investor goes by the pseudonym Feng Bin. The platform had promised an ‘extract’ button for users to withdraw their BCH. So when Feng Bin tried to withdraw his BCH with the intent of selling it, he realised that the button was not there.

Feng Bin said that no official announcements were made regarding the expiration of the platform’s program which enabled users to claim the forked crypto. He said:

“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.”

OKCoin has denied all accusations and instead raised concerns about inconsistencies between Feng Bin’s story and the records of his account balances.

The Bitcoin split happened in August which led to the emergence of Bitcoin Cash. There was a permanent change which meant that the previously accepted nodes that ran on the older version would no longer work on the new version.    

Earlier in November, Roger Ver had claimed that Bitcoin Cash is the “real Bitcoin”. He said that BCH will “have the bigger market cap, trade volume and user base in the future.”