Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
Investors of Bitcoin Satoshi’s Vision (BSV) — a hard fork of Bitcoin Cash (BCH), which itself is a hard fork of the Bitcoin (BTC) protocol, are attempting to revive a 2019 lawsuit against crypto exchange Binance for delisting the altcoin, which the litigants claim stunted the price of BSV.
According to Law360, attorneys for the plaintiffs argued that a July 2024 decision from the UK Competition Appeal Tribunal dismissing the “loss of chance” claim made against Binance for delisting the token, should be reconsidered. The litigants demanded $9 billion in damages, in the original case.
The investors continue to claim that Binance’s 2019 delisting of BSV and similar major exchange delistings are the primary drivers of BSV’s long-term price decline and its failure to attract the investor attention enjoyed by Bitcoin.
If the coalition of BSV investors manages to push through their legal argument and win in court, they could seek up to 10 billion British pounds (GBP), or roughly $13 billion, in damages from the exchange.
The price of BSV surged by approximately 15% following the news and is currently trading at around $42. However, the altcoin remains in a long-term downtrend and has failed to capture the vast majority of the economic or computing power from the Bitcoin network.
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Binance delists BSV due to founder Craig Wright’s behavior
Binance delisted BSV in April 2019 after announcing that the token failed to meet its listing standards due to the actions of BSV creator Craig Wright, who is infamous in the crypto world for falsely asserting that he is Bitcoin creator Satoshi Nakamoto.
Former CEO of the Binance exchange, Changpeng Zhao warned BSV of an impending delisting if Wright continued to make the claims that he was Bitcoin’s pseudonymous creator.
Since that time, BSV has suffered several 51% attacks, a type of exploit where malicious nodes control a majority of the computing power on the network and can double-spend funds — removing one of the core mechanisms that make digital currencies valuable.
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