Cases & Deals

Bitmain obtains dismissal of all claims in antitrust suit alleging Bitcoin Cash cryptocurrency market manipulation

Client(s) Bitmain Technologies Ltd.

Jones Day successfully defended Bitmain Technologies Ltd., Bitmain, Inc., and Bitmain Technologies’ co-founder and former chairperson Jihan Wu against claims that they conspired with other companies and software developers to manipulate the Bitcoin Cash cryptocurrency market. In February 2020, a Southern District of Florida Judge dismissed the plaintiff’s original complaint that pled a variety of federal and state law claims. The plaintiff filed an amended complaint focusing solely on alleged federal antitrust violations. In March 2021, the Judge dismissed the amended complaint with prejudice, holding that the plaintiff was unable to plead a viable claim against Jones Day’s clients under the antitrust laws.

United American Corp. v. Bitmain Inc., et al., Case No. 1-18-cv-25106 (S.D. Fla.)