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U.S.: Facebook sued for threatening competition of virtual currency market

 |  October 30, 2012

Facebook is being sued to allegedly destroying a competitive market in the online virtual currency market. Kickflip Inc., who runs its industry under the name of Gambit, is suing Facebook Inc. for violation of antitrust laws, arguing that the social networking site overran Gambit’s competitive edge after it decided to offer its own virtual currency services to the same game developers that once gave their business to Gambit. Kickflip argues that Facebook used its “dominance” in the market to run Gambit out of the equation. Virtual currency is used by online gamers in exchange for real-world currency.

Full Content: Bloomberg

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