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Friday, April 27, 2018

"Bitcoin Cash" faces a potentially massive class action lawsuit for misleading people to buy their coin...

It's been the source of never ending controversy since Roger Ver and his site Bitcoin.com began their marketing campaign for Bitcoin Cash.  But what they viewed as perhaps just 'bold marketing tactics' may actually be considered fraud in the eyes of the law.

The question is - can they legally say "Bitcoin Cash is the real Bitcoin" even though "Bitcoin" is older, and obviously much more popular?

Is it fraud if someone goes to Bitcoin.com, but then purchases Bitcoin Cash based on the information they received there - only later to find out they don't own the real original Bitcoin they believed they were buying?

Then throw in all the people who accidentally sent BCH to a BTC address and visa-versa - and these are the 'victims' this lawsuit claims to be for.

The just launched site bitcoincomlawsuit.info behind the pending lawsuit describes themselves as:

"A group of 600+ participants from influential industry leaders to community volunteers & contributors who are devoting their time and money to protect users from fraudulent businesses and help victims recover lost funds. Further details will be published after lawsuits have been filed"

Now in what may end up making their defense much harder, Bitcoin.com just last week took things a bold step further - they're now calling "Bitcoin Cash" simply "Bitcoin” within some areas of the site. The word “cash” is nowhere to be found - when they are actually referring to Bitcoin Cash.

It's one thing to say it's the "real bitcoin" in debates and marketing material - but downright dangerous to mislabel them within bitcoin.com, where wallet services are provided and confusion could lead to a massive loss of funds.

A bold and risky move of relabeling coins.
Papers have not yet been filed and those behind the lawsuit are currently gathering stories from users who feel they were misled and building up their case. They have also stated that when the time comes, they will be using the courts of the Caribbean island of St. Kitts - where Bitcoin.com is registered, in hopes of taking down the site entirely.
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Author: Ross Davis
San Francisco News Desk