Bitstamp and Gatehub Face $4.9M Lawsuit from Investor
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A Canadian crypto investor Salim Satir has filed a lawsuit with the High Court of England and Wales against the London exchanges Gatehub and Bitstamp, iHodl Russia has learned.

According to him, the platforms provided deliberately false information, because of which he incurred $4.9 million in losses.

Satir claims that he used Gatehub to exchange XRP for bitcoin (EXANTE: Bitcoin), however, in reality, the exchange provided him with IOU for the cryptocurrency that Bitstamp had and did not transfer to the investor.

The crypto investor notes that the exchange did not explain what consequences such a system could have for customers. He also said that after the Bitcoin Cash hard fork back in August 2017, Bitstamp withhold the coins owed him "for its own benefit."

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As a result, the investor suffered a loss of $2.4 million.

Moreover, according to Satir, Gatehub did not notify customers of a technical problem, because of which he could not transfer bitcoins to Bitstamp. While he unsuccessfully tried to withdraw funds from Gatehub, BTC fell in price and the investor lost additional $2.5 million.

Earlier iHodl reported that a Chinese cryptocurrency mining hardware maker Canaan Inc. is facing a class action lawsuit from Rosen Law Firm, an investor rights law firm, on behalf of purchasers of the securities of Canaan pursuant and traceable to the company’s IPO commenced on November 20, 2019.

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