Canadian cryptocurrency investor, Salim Satir, has filed a lawsuit towards cryptocurrency exchanges, Gatehub and Bitstamp, with the Excessive Court
Canadian cryptocurrency investor, Salim Satir, has filed a lawsuit towards cryptocurrency exchanges, Gatehub and Bitstamp, with the Excessive Court docket of Justice of England and Wales over $4.9 in purported losses.
The plaintiff claims that the losses resulted from deceptive statements on Gatehub’s web site purporting to element its Bitcoin (BTC) to Ripple (XRP) buying and selling operate, along with the wrongful retention of 872 Bitcoin Money (BCH) amid the August 2017 Bitcoin fork.
Investor unintentionally purchases ‘Bitcoin IOUs’ from Gatehub
Satir alleges that info offered on Gatehub’s web site mislead him as to “the operation and impact of the Bitcoin/Ripple alternate operate” on the platform, leading to $2.5 million in losses.
Whereas Satir believed he was making a spot buy of BTC for XRP, he as an alternative acquired “Bitcoin IOUs” that will be held by Bitstamp.
Satir additionally claims that when he tried to switch 872 BTC from his account in December 2017 and January 2018 he was blocked from doing so, accusing Gatehub of hiding a technical fault from its clients.
As a consequence of the delay, every of Satir’s Bitcoin’s worth misplaced $2,992 — leading to $2.5 million in losses.
Satir claims Gatehub owes him 872 BCH
Satir additionally alleges that Gatehub didn’t ship 872 Bitcoin Money that corresponded to his Bitcoin (BTC) holdings on the platform as of the August 2017 Bitcoin onerous fork that spawned BCH, accusing the alternate of retaining the cash “for its personal profit.”
The swimsuit seeks a further $2.4M in damages ensuing from Gatehub’s failure to ship the 872 BCH “of which he was duly entitled,” bringing the overall worth of the swimsuit to $4.9 million.