Bitcoin.com public-driven lawsuit canceled

The class-action lawsuit against Bitcoin.com and Roger Ver is canceled due to the donations not covering the costs of legal proceedings
04 May 2018   1602

We've recently reported on the class-action lawsuit against Roger Ver and his site Bitcoin.com for fraud and purposeful misinformation of customers. But it seems that the legal battle isn't to be. The lawsuit was canceled for the time being, according to the official site of the movement.

The class-action lawsuit was called off because the donations weren't enough to pay for the law firm services. It's actually strange, because the Telegram group chat have gathered more than a thousand victims of Ver's misleading actions.

The movement managed to raise only $3,760 or 0.39 BTC through donations. Obviously, it's not nearly enough to pay for the undisclosed law firm assistance in building the case. The price, as reported by MoneyTrigz - the person behind the start of the whole deal, was quoted to be around $1 million and with three years of litigation it seems that no one is willing to pursue the legal path. Especially after Bitcoin.com has already stopped labeling BCH as the real Bitcoin. Apparently, the threat of the lawsuit was enough in this case, but it remains to be seen, if the site doesn't return to its, frankly, scammy disposition towards the newcomers of the cryptocommunity.

The Bitcoincomlawsuit.info at the time of press has already started refund process for all the donation received during the campaign.

Coinbase to Appear in San Francisco District Court

Exchange representatives must appear in court due to issues related to BCH trading launch in 2017
07 August 2019   150

San Francisco District Court judge Vince Chhabria ruled that the latter showed negligence and “clear incompetence generated by haste” when it started trading in Bitcoin Cash (BCH) on Coinbase. Now Coinbase, apparently, will be forced to stand trial, Bloomberg reports.

So, at the end of 2017, the exchange opened BCH trading, but was forced to suspend operations after 2 minutes due to high volatility and suspicious price increases - the coin began to grow rapidly several hours before the announcement of Coinbase.

Then the company was accused of insider trading, later crypto enthusiasts even began to find confirmation of this.

According to the judge, the users who bought VSN at inflated prices were primarily affected. He noted that the suspension of trading was too hasty and disrupted the normal functioning of the market.

BCH buyers claim that Coinbase could have announced a bid in advance to prevent a price spike, but it did not. The judge agreed with this opinion and noted that shortly before the launch of BCH trading on Coinbase, the Chicago Mercantile Exchange opened trading in bitcoin futures, which could become a factor of too much market participants' recovery.

According to the publication, Coinbase has not yet commented on the court decision.

Recall that in March 2018, a class action lawsuit was filed against the company, in which Coinbase was accused of “artificially overpricing” Bitcoin Cash through trading based on insider data.