According to a press release, United American Corp has filed a lawsuit against Bitmain, Roger Ver, Bitcoin.com and Kraken Bitcoin Exchange. UnitedCorp has blamed that the defendants have plotted to take control of Bitcoin Cash ( BCH ) network.
The suit was filed in U.S District Court for Southern District of Florida states that unfair methods were used to manipulate the BCH network.
The release further specifies:
“UnitedCorp believes that the defendants colluded to effectively hijack the Bitcoin Cash network after the November 15, 2018 scheduled software update with the intent of centralizing the network — all in violation of the accepted standards and protocols associated with Bitcoin since its inception.”
The BCH network’s update on November 15th divided the community into two main camps. The enterprise further states that perpetrators took control of the network right after the upgrade. This apparently led to adoption of Bitcoin ABC rule sets.
UnitedCorp also alleges that on Nov. 20 the Bitcoin ABC development team put a “poison pill” into the blockchain by way of a “Deep Reorg Prevention” in order to strengthen control over the blockchain ledger. That allegedly enables maintenance of control on implementations for future network updates.
The suit seeks relief against the defendants, asking to prevent them from ongoing actions against the BCH network. Additionally the enterprise seeks compensation, the value of which it claims will be determined at trial.
Losses for Bitcoin Cash
Bitcoin Cash has registered the major losses on the day. According to CoinMarketCap, The altcoin is down by over 20 percent over the last 24 hours and is trading at around $103 at press time.
TCU reported yesterday Bitcoin Cash price has dropped by 81.6% in one month falling from $638 to $117. Bitcoin SV (BSV), however, has seen noteable daily gains of over 27 percent, and is trading at around $112 at press time.
Peter Brandt, a prominent technical analyst, observes that technical indicators of Bitcoin Cash depict a dismal progress for few months . He said:
“BCH with charts like this it is easy to believe that the vast majority of coins will end up worthless.Massively oversold conditions and market exhaustion could allow most of the cryptocurrencies in the space to recover in the upcoming months. But, the sheer intensity of the short-term decline in the value of BCH could create a difficult position for BCH to undergo any significant recovery to escape its low price range.
UnitedCorp is a development and management firm with a focus on telecommunications and information technologies. The company manages a portfolio of patents and proprietary technology in telecoms, social media and blockchain. UnitedCorp also owns and operates BlockchainDomes stations, that provide heat for agricultural applications.