Investor Sues UK Crypto Cos. For $4.9M In Unpaid Bitcoin

Law360, London (April 17, 2020, 8:13 PM BST) -- A Canadian Bitcoin investor is suing two London cryptocurrency companies for $4.9 million in damages over allegations he was misled about the service they provided and blocked from trading during volatile periods, costing him millions.

At the heart of Salim Satir’s High Court claim against Gatehub Ltd. and Bitstamp Ltd. is whether or not he physically owned more than 800 bitcoins that were allegedly credited to his account, according to court documents recently made public.

While Satir thought he was exchanging another cryptocurrency — ripple — for bitcoins through the Gatehub platform, what he was actually getting was bitcoin IOUs, which would...

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