Market Manipulation Charges Against Powell And Co. Has Been Dismissed

ByTroy Morris

Apr 2, 2021

Allegations of crypto market manipulations have continued to surface around the Blockchain market. Several high-profile business names and investors have always believed that the decentralized market is being manipulated in the hands of top influential figures in the Blockchain space. The U.S Securities and Exchange Commission (SEC), back in 2018, refused to issue a license to an exchange-traded fund (ETF) because it requires enough evidence to show that the cryptocurrency market is not being manipulated in the hands of some players. Fortunately for Jesse Powell and Co, a court has not dismissed a market manipulation charge against them based on insufficient evidence.

UAC’s complaints lack evidence

Around March last year, United American Corp filed a lawsuit against Kraken CEO Jesse Powel, Roger Ver of, Shammah Chancellor and Jason Cox of Bitcoin Cash, and CEO of Bitmain technologies- Jihan Wu, over allegations of market manipulation. However, after several trials, the case has now been dismissed by a U.S judge, who believes the case is exaggerated and does not have sufficient evidence for trials. The first trial began in 2018 when UAC accused’s Ver and Jihan Wu’s Bitmain of allegedly falsifying the yield of a high-cost upgrade on the Bitcoin Cash network.

As at that time, the charges against them were related to the mining of Bitcoin, which UAC believed was falsified by both suspects. UAC believed that both parties were involved in inflating the mining procedure’s hash rate for their selfish and personal reasons. UAC believed that both suspects had required external resources to inflate the mining production of the new upgrade. Fortunately for Powell and others, the court’s presiding judge- Chris McAiley, has now obliged their request to dismiss the case. According to the statement of McAiley, he believed that a lack of evidence from UAC was the main reason he felt the case was a no-brainer.

Powel and co. can now breathe a sigh of relief

In the complaints of UAC, the cryptocurrency firm accused both Ver and Wu of conspiracy. UAC believes that both individuals and their companies were spearheading a conspiracy to centralize the Bitcoin cash market. Unfortunately for UAC, McAiley has also dismissed such claims. The judge, in his statement, believes that accusations of conspiracy should also come with substantial evidence, sufficient enough to validate the complaints. The crypto community continues to face market manipulation allegations, as external bodies have continued to ponder how the market moves.

However, the crypto market’s decentralized nature means that the market cannot be controlled by individuals or under a monopoly. Fortunately for Powell and co., they can now breathe a sigh of relief, as the case is now dismissed. However, at the time of writing, there is no confirmation as to whether UAC will take their case further or not.

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