MIAMI, Dec. 06, 2018 (GLOBE NEWSWIRE) — via OTC PR WIRE–Miami-based United American Corp (“UnitedCorp”) (OTC: UAMA) announced today that it has launched a suit for damages and injunctive relief against Bitmain, Bitcoin.com, Roger Ver, the Kraken Bitcoin Exchange and other individuals that are related to what is alleged to have been a well-planned scheme to take control of the Bitcoin Cash network for personal gain and which caused a global capitalization meltdown of the Bitcoin Cash network at the expense of others.
The suit launched today in the US District Court for the Southern District of Florida alleges that the defendants collectively engaged in unfair methods of competition and through a series of unconscionable, deceptive and unfair practices, manipulated the Bitcoin Cash network for their benefit and to the detriment of UnitedCorp and other Bitcoin Cash stakeholders. 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 suit seeks injunctive relief against the defendants to prevent them from continuing ongoing actions against the Bitcoin Cash network and to prevent them from doing so in the future. It also seeks compensatory damages with a quantum to be determined at trial.
Bitcoin Cash is one of the most important cryptocurrency networks that has been established in recent years. It is used for peer-to-peer electronic cash system between parties on the Bitcoin Cash network which are executed through a network of decentralized public ledgers which confirm and maintain the records of these digital transactions on a blockchain in a highly cryptographic environment. The integrity and confidence in the network is in part based on this decentralization as well as the operating principle that n...