Court dismisses United American’s lawsuit against Bitmain

This week, U.S. District Court Judge Chris McAliley of the Southern District of Florida dismissed United American’s lawsuit against mining machine giant Bitmain and Kraken exchange.

According to Coindesk, the plaintiffs in the case accused Bitcoin Cash supporters, including Bitmain and its co-founder Jihan Wu, Kraken and its founders Jesse Powell and Roger Ver, of manipulating the price of the cryptocurrency during the cryptocurrency’s hard fork in 2018.

Reports indicate that this could be the first antitrust case involving a cryptocurrency company in the United States. In addition to Bitmain and Kraken, the lawsuit also names Bitcoin ABC developers Amaury Sechet, Shammah Chancellor, and Jason Cox.

Now that the lawsuit has been dismissed by a judge, the plaintiffs can proceed with filing amendments to the case, which originally alleged that Ver, Kraken, and Bitcoin Cash developers colluded with Bitmain to unfairly redirect hashing power at the time of the fork, thereby causing irreparable harm to the Bitcoin Cash network and harming the interests of United American and others.

Ver told CoinDesk that the plaintiffs are unlikely to change the final outcome after amending the lawsuit. He said, "My understanding is that United American has basically lost the case, but the judge is asking them to amend it to see if they can make a better argument."

Sechet and Bitcoin.com were removed from the list of defendants, and the court also denied United American’s motion for a 90-day extension, giving the company until Feb. 28 to file its amended complaint.

Benoit Laliberte, president and CEO of United American, said the decision showed the court "recognizes the importance of developing the law in an environment that is not yet determined."

Image source: pixabay

AuthorXiu MU

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