Fintech Says Bodybuilder Ignored Basics In $4.9M Bitcoin Suit

Law360, London (May 20, 2020, 7:10 PM BST) -- A London cryptocurrency company has said a bodybuilder's $4.9 million lawsuit over purported losses from bitcoin "ignores the basic principles of cryptocurrency trading."

According to defense documents filed with the High Court by Gatehub Ltd. on Friday, any loss Canadian Salim Satir suffered while trading cryptocurrency stems from his lack of an "adequate understanding" of the platforms he was using.

Satir, who is described in the May 15 defense as a bodybuilding sports coach, is suing Gatehub and Luxembourg-based bitcoin exchange Bitstamp Ltd. over allegations he was misled about the service they provided and blocked from cashing in bitcoin during volatile...

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