Numerous cryptocurrency associations and businesses in the countries including South Korea, Russia and China have apparently determined to file a class action lawsuit against online advertising organizations and social platforms which opted to prohibit cryptocurrency and ICO advertising. This lawsuit, which seeks to challenge the restrictions put in any position by Facebook, Google, and Twitter had been a collaborative endeavor of the participants during the latest cryptocurrency summit in Moscow.
According to sources, the newly organized Eurasian Blockchain Association will document the lawsuit in U.S. courts by May. This newly-formed association is composed of representatives from the Russian Cryptocurrency and Blockchain Association (RACIB), the Korea Venture Business Association (KOVA) and the Chinese Association of Crypto Currency Investors (LBTC). These associations signed the agreement at Moscow during the BlockChainRF-2018 Congress. The sources also confirmed that a distinctive crypto finance will be created to boost funds for this class action lawsuit and that will be also accepting contributions.
The advertising bans put in position by Facebook and Google have hit the cryptocurrency markets exceptionally hard with drops of around 50-60 percent in some cases. Twitter has also begun banning crypto currency and ICO-related advertisements on its own platform, dealing another setback to this industry that continually declines considerably in value. At that time, the entire market cap of cryptocurrencies has dropped below the $300 billion mark, nearly a third of their worth of one media conglomerate, Google. Still another social networking website, Snapchat, is reportedly looking at an ICO ban.
RACIB President Yuri Pripachkin told Russian news socket TASS that cartel collusion was clearly one of the main points of this litigation.
“We think these four companies are using their monopoly power and have colluded to manipulate the market,” Pripachkin said, according to the news outlet. There is still a decision to choose which U.S. state the lawsuit will be filed, but Pripachkin suggested it will be a state that has a positive position towards cryptocurrency development, such as Wyoming.
In a separate story, it seems that Russia is losing big money on ICOs that are being set up by Russian sailors abroad in more favourable industry authorities. A written report states that up to $1.5 billion is currently being plotted in the Russian state coffers. But this might change as the State Duma is likely to talk two laws regarding blockchain mining, technology, cryptocurrency and ICOs.