BSV investors seek up to 13 billion dollars in revived Binance lawsuit

Investors of Bitcoin Satoshi’s Vision (BSV) are attempting to revive a 2019 lawsuit against Binance over the exchange’s decision to delist the cryptocurrency, claiming it caused long-term price decline and hindered adoption.

According to Law360, plaintiffs’ attorneys have asked the UK Competition Appeal Tribunal to reconsider its July 2024 dismissal of the “loss of chance” claim related to Binance’s delisting of BSV.

The original case demanded $9 billion in damages, and if successful, the revived lawsuit could seek up to 10 billion British pounds (around $13 billion) from Binance.

Following the news, BSV’s price rose roughly 15% to about $42, though the token remains in a long-term downtrend and has not gained significant market traction compared to Bitcoin (CRYPTO:BTC).

Binance delisted BSV in April 2019, citing that the token did not meet listing standards due to the behavior of its creator, Craig Wright.

Wright is a controversial figure who has repeatedly claimed to be Bitcoin’s pseudonymous creator, Satoshi Nakamoto, a claim widely disputed in the crypto community.

Binance’s former CEO, Changpeng Zhao, warned that continued assertions by Wright could lead to delisting.

Since the delisting, BSV has experienced multiple 51% attacks, where attackers gain majority control over the network’s computing power, allowing double-spending and undermining the network’s security.

These attacks have further damaged BSV’s reputation and utility, contributing to its failure to capture significant economic or computing power from the broader Bitcoin network.

The legal effort by BSV investors reflects ongoing tensions between crypto projects and exchanges over listing decisions and their impact on token value.

At the time of reporting, the Bitcoin (BTC) price was $103,791.