Roger Ver Should Use Blokusign
(Had it existed) it may have saved him from hauling a Chinese exchange to court in Hong Kong in 2016 over an alleged forged contract.
It’s way too easy to forge a contract today. That’s why blockchain-powered e-signatures is a necessity.
Back in 2014, Ver purportedly inked a five year deal with OKCoin, where he allowed the company to advertise their trading platform on Bitcoin.com. In return, OKCoin was to redesign Bitcoin.com and drive new traffic to the website utilizing SEO and pay Ver $10,000 a month for 60 months, until their contract expired.
Unfortunately for Ver, after only a couple months, OKCoin allegedly breached their contract when they stopped paying.
In the ensuing argument, an issue arise of the authentic version of the document when the two parties produced two different versions of signed contracts. According to Ver, Xu created a forged contract that included a clause allowing the local company to cancel the contract with six months’ notice and copied and pasted Ver’s digital signature into the document. Ver requested that the court declare the contested version of the contract a forgery.
Ver had simultaneously filed separate suits against the local entity OKEX Fintech Company, the OKCoin exchange, and the exchange’s Chief Executive, Star Xu, surrounding the disputed contract.
Last year, the court of Hong Kong handed down an interlocutory judgment for the OKEX Fintech Company’s breach and awarded $570,000 to Ver — moreso as a consequence of the company’s lack of response rather than a review of the merits of the case.
The other cases now continue. Last reported, Ver was seeking to push for liquidation of the exchange.
What We Know For Sure
Forged documents often end up costing parties incredible burdens — especially in the real estate industry where forged notary stamps and deeds run rampant.
In a case like Ver’s, if the contesting party had actually shown up, there would be a long and drawn out process around document authentication — especially if neither party can produce the original email that transmitted the final signed document.
All of this could have been avoided, or at the very least, the lying party would be easily disproven — by using electronic signatures hashed on the blockchain. If Ver and OKCoin had signed their contract using Blokusign, he could instantly prove the original, authentic version of the signed contract.
To learn more about Blokusign, visit www.blokusign.com. Or, click here to read a brief legal analysis of document authentication using blockchain technology. Blokusign is a product of Sagewise, please visit www.sagewise.io.