Investors of Bitcoin Satoshi’s Vision (BSV) are making headlines as they attempt to resurrect a 2019 lawsuit against crypto exchange Binance. This legal battle stems from claims that Binance’s decision to delist BSV stunted the cryptocurrency’s price potential significantly.
According to a report by Law360, the plaintiffs’ attorneys are seeking reconsideration of a July 2024 ruling by the UK Competition Appeal Tribunal, which dismissed their claim related to the ‘loss of chance’ against Binance. Initially, the investors demanded a staggering $9 billion in damages, arguing that the delisting ultimately harmed BSV’s market viability.
The core of the investors’ argument suggests that Binance’s 2019 decision to delist BSV, along with similar actions taken by other major exchanges, have been a significant factor in BSV’s long-term price decline. Consequently, they assert that these delistings have thwarted the altcoin’s potential to attract investors, a stark contrast to the attention and performance enjoyed by Bitcoin (BTC).
If the coalition of BSV investors successfully advocates for their legal claims, they could be in line to claim damages worth up to 10 billion British pounds (GBP), which translates to approximately $13 billion USD from Binance.
The market reacted positively to the news, with BSV’s price surging approximately 15% and currently trading around $42. However, the cryptocurrency continues to be mired in a downtrend, struggling to regain substantial market share or computing power akin to Bitcoin.
The Impact of Craig Wright’s Conduct on Binance’s Decision
Binance’s decision to delist BSV dates back to April 2019, when the exchange announced that the token had failed to meet its required standards, largely due to the controversial actions of its creator, Craig Wright. Wright has drawn significant notoriety in the crypto community for his unfounded claims of being the actual Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Former Binance CEO Changpeng Zhao had previously issued warnings to BSV regarding potential delisting if Wright’s assertions persisted. Since then, BSV has faced several challenges, including multiple 51% attacks, which pose a significant threat to the security and integrity of any cryptocurrency.
This ongoing situation invites critical discourse around delistings and their implications on cryptocurrency stability and investor sentiment. As this legal saga unfolds, the outcome could bear significant weight on the future of Bitcoin SV and its standing within the broader cryptocurrency market.
