Crypto exchange Okcoin is in legal trouble after failing to give Bitcoin cash to a crypto investor. The bitcoin cash that the plaintiff has accused the exchange over is from the bitcoin fork that was created last year.
How it started
Last year when bitcoin cash detached from bitcoin, an airdrop was announced by the cryptocurrency Okcoin. This is the occasion that the plaintiff, Feng Bin made attempts to sell BCH when it was at its high of $4,000.
After the fork, Feng Ben explained that he tried to withdraw his bitcoin cash but realized that the button supposed to extract them was missing. Feng claims that the exchange blocked him from getting in a total of 38.748 BCH.
Okcoin’s reason
Realizing the difficulty of extracting the BTC, Feng did what most people would do-making complains to the customer support of the platform, and he got the answer. According to Okcoin exchange, Feng could not extract the bitcoin cash since the time had expired of removing the forked crypto.
However, it is a reason that is contrasting because the investor claimed that the exchange did not have any official statement regarding the deadline for one to withdraw the bitcoin cash.
This claim from Okcoin led to the filing of the lawsuit which happens to be the first legal action on the segregation of bitcoin in China.
The legitimacy of Feng Bin was, however, questioned as the exchange Okcoin claims that the account remained inactive for an extended period that they went ahead to describe as “not normal” given that last year the market conditions were indeed mouthwatering.
Mr. Feng is not only complaining of being denied the withdrawal option for the forked bitcoin cash but also seeks reparations for the losses since he could not sell the bitcoin cash when it was at the peak.
It has been merely one year, but Bitcoin Cash has endured some controversies. However, their biggest promoter, Roger Ver feels much confident that BCH in the future it will have a significant market cap as well as a more substantial user base. Maybe only time will tell.
