A cryptocurrency trader based in China's Hunan province is bringing a lawsuit against cryptocurrency exchange OKCoin.
According to court documents, the trader deposited the cryptocurrency litecoin in an account at the exchange, only to wake up the next day to find the funds traded without his notice.
The filing asserts that the trader believes he was the subject of a successful hack, and that representatives of OKCoin should bear responsibility. He further claimed that the IP address used to execute the trade was based in Hong Kong.
In total, the trader estimates his total loss at $2,900.
OKCoin did not provide comment when requested by CoinDesk.
See the filing below:
Yuan image via Shutterstock
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.