Salim Satir, who became a full-time cryptocurrency trader from a famous bodybuilder, is a name that has been recognized by the Ripple ecosystem for years. Satir, who wants to buy Bitcoin by selling millions of dollars worth of XRP, claims that he has come to the stock market’s game and has been defrauded. Satir, who sued the Bitstamp and GateHub cryptocurrency exchanges, may have finally brought the exchanges to their knees and got close to getting the right one.
In the news reported by the Law360 source, it is stated that as a result of the lawsuit filed by Satir, it has entered into a compromise with the two crypto money exchanges and this will be resolved soon. Satir said in a statement on the subject that he experienced a $ 2.4 million XRPk shame on GateHub in late 2017. Satir, who wanted to buy BTC in exchange for XRP at that time, stated that he was given a Bitcoin IOU product instead. IOU or “I owe you” in its long form can actually be defined as the crypto currency representing it instead of real BTC.
Huge loss of 872 bitcoin worth
Bitcoin IOU tokens based on the XRP network are actually used by Bitstamp and Ripple. Whenever someone trades BTC between Bitstamp and Ripple, these assets, which are indexed to the Bitcoin price, are deposited into their account. Satir stated that he wanted to exchange the Bitcoin IOU tokens given to him during the bull period of 2017, but GateHub did not do this and lost millions due to high volatility.
Stating that he could not withdraw approximately 872 Bitcoins from the GateHub exchange, Satir explained that he could not benefit from the Bitcoin Cash hard fork. After the hard fork in August 2017, 1 BCH was given to 1 BTC. The XRP investor lost millions of dollars for this reason.
In the decision made by the court, it was stated that the parties could try the way of reconciliation from now on and if this result is not achieved, the court will continue.