OKCoin Sued for Failing to Avail BCH to Investor after BCH Fork
Recently, a Chinese crypto investor filed a case against OKCoin after failing to receive a Bitcoin Cash airdrop from the digital currency trading platform. The client argues that he was expecting to get BCH after the recently concluded soft fork. Remarkably, this is the first lawsuit of its kind in the Beijing law court.
According to the charge sheet, the investor claims that he was entitled to receive 39 BCH, but he did not get the tokens. In response, OKCoin stated that the coins were not deposited because he did not claim them in the stipulated time. As a result, the trader decided to file a case worth $25,000 (approximately 170,000 CNY) against the OKCoin cryptocurrency exchange.
The litigant, who identified himself as Feng Bin, stressed that he was supposed to get 39 BCH because he purchased Bitcoin at the beginning of 2017. When he wanted to withdraw the funds in December, the plaintiff did not get the BCH because the redemption period stipulated by OKCoin had already expired. Reportedly, OKCoin told Feng that the claim ‘button’ was an automated program that had a pre-installed timeframe and had since been removed from the platform. Therefore, clients who did not claim their funds at the time cannot access them whatsoever.
Back then, the BCH was worth $40,000. Despite closely following all developments concerning OKCoin, Feng stated that the company did not make an announcement declaring the expiry of the BCH claiming window. On the other hand, OKCoin said that the behavior displayed by Feng was suspicious, as his Bitcoin account was dormant throughout despite the massive fluctuations in BTC value in 2017.
In the past, the Beijing court dismissed a case filed against the Huobi trading platform for futures trading. Many people speculate that China’s unwelcoming stance on digital currencies led to the premature rejection of the lawsuit.