The Bitcoin Cash fork war is over but not everyone is satisfied with the results. In fact some known brands and figures in the industry are being accused of manipulating the fork. The cryptocurrency exchange Kraken, Bitcoin.com’s Roger Ver and mining giant, Bitmain, have all been sued for manipulating the hard fork. The lawsuit was initiated by United American Corp, a Florida-based firm.
BCH Hard Fork Is Over But The War Has Just Begun
UnitedCorp is a management and development firm that was founded in the year 1992. The main focus of the company is IT. Like most companies of its nature, UnitedCorp manages portfolios of proprietary technology in blockchain, telecoms. It is also the parent company of BlockchainDomes, a company that provides heat for agricultural applications.
Bitcoin Cash (BCH) Price Today – BCH / USD
The suit was filed in a court of the Southern District of Florida and it claims that Kraken, Bitmain and and Roger Ver came together to unfairly manipulate the BCH network during the fork to the detriment of other BCH stakeholders including UnitedCorp. Part of the press release was as follows:
“UnitedCorp has reason to believe that the defendants jointly hijacked the BCH network after the 15th of November with the intent of making the network centralized. This is a violation of the accepted Bitcoin protocols and standards.”
You will recall that the Bitcoin Cash network update started on the 15th of November. Long before the update, there was war within the Bitcoin Cash community. One group supported the BCH ABC while another group supported the BCH SV. The suit alleges that Kraken, Bitmain and Roger Ver took full control of the network as soon as the update was over using what is referred to as ‘rented hashing’. This was what led to a broader adoption of the BCH ABC compared to other implantations at the time.
According to the suit, the defendants along with other members of the BCH ABC team applied a ‘Deep Reorg Prevention’ to strengthen their control over the entire blockchain. This poison pill gave them the power to control implementations in the event of future network updates.
The lawsuit is seeking injunctive relief for the defendants. They will be prevented from taking any actions against the BCH network now or in the future assuming the suit is judged in favor of UnitedCorp. The company is also demanding compensation from the defendants.
BCH And BSV Price Analysis
Bitcoin Cash ABC was merged with Bitcoin Cash BCH. Yesterday, it was down by more than 20% as Bitcoin (BTC) fell by over 10%. At the time of writing, it is trading at $105.49. This shows that it is down by 16.29% against the USD and down by 5.40% against BTC. The 24 hour trading volume is $186,301,519 and the market capitalization is $1,845,796,461.
BSV gained against the USD yesterday by more than 27%. This was rather impressive since Bitcoin (BTC) was falling along with almost all the top cryptocurrencies. At the time of writing, it was trading at $108.41. This shows that it is up by 19.03% against the USD and up by 34.50% against Bitcoin (BTC). The trading volume over a 24 hour period is $289,433,914 and the market capitalization is $1,894,750,999.
It is important to note that BSV is now the fifth largest cryptocurrency per market capitalization leaving BCH in sixth place.