BSV Investors Revive 2019 Binance Lawsuit: A $13 Billion Gamble

A group of Bitcoin Satoshi’s Vision (BSV) investors is attempting to resurrect a 2019 lawsuit against cryptocurrency exchange Binance. Their claim? Binance’s delisting of BSV in 2019 severely hampered the altcoin’s price, causing significant financial losses. This audacious legal maneuver seeks to overturn a July 2024 UK Competition Appeal Tribunal decision that dismissed a “loss of chance” claim against Binance. Initially, the investors demanded a staggering $9 billion in damages.

Attorneys representing the plaintiffs are arguing for reconsideration of the Tribunal’s decision. They maintain that Binance’s delisting, along with similar actions by other major exchanges, is the primary reason behind BSV’s prolonged price decline and its failure to attract significant investor interest, unlike Bitcoin (BTC).

The plaintiffs’ renewed legal effort could potentially result in a payout of up to 10 billion British pounds (approximately $13 billion) if successful. The news of this revived lawsuit has already sent ripples through the market, with BSV’s price experiencing a temporary 15% surge. Despite this brief rally, BSV remains firmly in a long-term downtrend.

BSV’s price struggles. Source: TradingView

Binance’s original decision to delist BSV stemmed from concerns surrounding the actions of BSV creator Craig Wright, who is known for controversially claiming to be the anonymous creator of Bitcoin, Satoshi Nakamoto. Former Binance CEO Changpeng Zhao had previously warned of potential delisting unless Wright ceased these claims.

Further complicating matters for BSV, the cryptocurrency has suffered multiple 51% attacks since 2019, undermining its security and value. This legal battle is a high-stakes gamble for BSV investors, with the potential for significant financial implications for Binance.