Chinese Investor Sues OkCoin Over Bitcoin Investments
News

Chinese Investor Sues OkCoin Over Bitcoin Investments

A Chinese Bitcoin investor has brought on a suit against Okcoin, a cryptocurrency exchange regarding 38.748 BCH. The investor has accused the exchange of failing to allow him to claim the Bitcoin Cash that had been created during last year’s fork. The exchange responded that it was not their fault, but that the plaintiff failed to claim the coins within a deadline, that the plaintiff indicated was undisclosed.

This makes it the first Chinese suit relating to last year’s Bitcoin fork. According to a publication, the plaintiff, who goes by the pseudonym Feng Bin, alleged that,

At the beginning of December 2017,” upon attempting to withdraw the 38.748 BCH corresponding to his BTC balance held with the exchange at the time of the fork, Feng Bin “found that there was no ‘button’ to extract the [BCH] that the platform promised.

Bin said that after he contacted Okcoin about this issue, they responded by stating the following

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 that time, it will be impossible to make later withdrawal.

This response was given despite the exchange’s statement on August 1st,2017 that announced,

If you hold bitcoins on the platform, the platform will give users Bitcoin cash equal ownership in accordance with the user.

Feng further retaliated by saying,

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.

Feng is seeking reparations of his ‘losses’ caused as he wasn’t able to sell his bitcoin investment at peak prices. Therefore, he is seeking approximately USD $25,000. Okcoin, in turn has questioned the legitimacy of his claims by describing the lack of trading activity conducted by the account as ‘not normal’ in relation to the market conditions of last year.

Follow us on Telegram, and Twitter !


Leave a Response

Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.