Okcoin Gets Sued by Chinese Crypto Investor For Not Honoring BCH Forked Funds
Okcoin Sued by Chinese Investor Over Unclaimed BCH
Okcoin is the latest subject of a cryptocurrency-related lawsuit. A Chinese investor filed a complaint against the platform over last year’s bitcoin fork. The investor and plaintiff, Feng Bin, alleges that “at the beginning of December 2017” he attempted to withdraw 38.748 BCH of his BTC balance held by the exchange at the time of the fork.
He was ultimately unable to make the withdrawal, as there “was not button to extract the [BTH] that the platform promised.” Bin further alleges that he attempted to contact Okcoin concerning the matter, to which the platform responded
“The claim ‘button’ was a program that automatically executed BCH input to user’s account. You cannot claim BCH anymore as the program has been removed from our platform. If you didn’t withdraw it at the time, it will be impossible to make [a] later withdrawal.”
Okcoin’s response contradicted its August 1, 2017 announcement, in which it stated:
“if you hold bitcoins on the platform, the platform will give users Bitcoin cash equal ownership in accordance with the user.”
Feng, obviously displeased, stated:
“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.”
In his complaint, Feng requests reparations for the loss caused due to his inability to sell his BCH at its peak price – approximately $25,000 USD in total. Unsurprisingly, Okcoin questions the legitimacy of Mr. Feng’s claim and describes the absence of trading activity on the account in 2017 as “not normal” in light of 2017’s market conditions.