UnitedCorp Launches Suit Against Several Companies For Hijacking The BCH Network
In a press release published by Nasdaq, UnitedCorp announced that it launched a suit for damages and injunctive relief against several companies in the crypto market. These firms include Bitmain, Bitcoin.com, Kraken and many others. Individuals such as Roger Ver are also involved. UnitedCorp accuses these firms and individuals of hijacking the Bitcoin Cash (BCH) network.
Back on November 15, the Bitcoin Cash blockchain experienced an upgrade. However, as the community was divided, a hash war started between Bitcoin ABC and Bitcoin SV supporters. The hash war ended with Bitcoin SV splitting from the Bitcoin Cash network and a community completely divided.
Additionally, the market plummeted before the network upgrade. Bitcoin Cash, for example, went from $630 to $175 in just a few weeks. Other virtual currencies have also lost part of their value during the last weeks.
The suit was launched on December 6 in the US District Court of the Southern District of Florida. The press release says that the defendants engaged in unfair methods of competition using questionable and unfair practices. This lead to the manipulation of the BCH network for their own benefit.
This suit also seeks for compensatory damages and the defendants to stop continuing ongoing actions against the BCH network.
Bitcoin Cash entered the market as a fork of the original Bitcoin network in August 2017. It had a relatively good performance during the last year that it was operating. Several companies embraced it as a means of payments and BCH aimed at solving scalability issues faced by Bitcoin.
UnitedCorp informs that the use of computational hashing power that did not contribute to the network just prior and then was withdrawn shortly was used to maintain an artificially longer chain. This goes against the decentralized nature of virtual currencies since the network was centralized in a small group of individuals and corporations.
Benoit Laiberte, President of UnitedCorp commented about this:
“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.”
The company was established in 1992 and it focuses on telecommunications and information technologies.