A cryptocurrency investor from China Feng Bin filed a lawsuit against the OKCoin trading platform because he could not get coins that appeared as a result of bitcoin hardfork last year.
In its justification, the exchange states that the plaintiff himself did not request the сryptocurrency at the time fixed by the exchange. However, it is likely that the platform itself has not informed users about the timing of the receipt of funds.
In the beginning of December 2017, the user Feng Bin tried to withdraw 38,748 BCH (Bitcoin.Cash), but didn’t find buttons on the website in order to conduct the transaction. Bin contacted representatives of the company, but they reported that the distribution program for cryptocurrency had already been removed from the website.
Feng Bin intends to collect the amount of the loss that he incurred from the OkCoin exchange because he couldn’t sell BCH (Bitcoin.Cash) at a historic high. The plaintiff sought compensation in the amount of $25,000 (169,969.22 yuan).
WHY IS IT IMPORTANT?
1. OKCoin questioned the legitimacy of the claims of Feng Bin, challenging his right to own funds. The company called the lack of trading activity of the plaintiff's account during the year 2017 abnormal, given the market conditions of that period.
2. This is the first legal incident in China, connected with the bitcoin hardfork. However, this is not the first conflict case in the OKCoin exchange. In March, an independent trader conducted a study of the volume of trading on large exchanges. He came to the conclusion that the OKEx OKCoin, a Hong Kong trading platform, manages the data on trading volumes.