Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit

Investors of Bitcoin Satoshi’s VisionBSV$43.07Bitcoin SVChange (24h)3.98%Market Cap⸺Volume (24h)$124,003.26View More— a hard fork of Bitcoin CashBCH$427.10Bitcoin CashChange (24h)4.40%Market Cap$8.48BVolume (24h)$294.64MView More, which itself is a hard fork of the BitcoinBTC$103,646BitcoinChange (24h)0.82%Market Cap$2.05TVolume (24h)$23.53BView Moreprotocol, 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 toLaw360, attorneys for the plaintiffs argued that a July 2024decisionfrom the UK Competition Appeal Tribunal dismissing the “loss of chance” claim made against Binance for delisting the token, should be reconsidered. The litigantsdemanded $9 billion in damages, in the original case.

The investors continue to claim thatBinance’s 2019 delisting of BSVand 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 Zhaowarned BSV of an impending delistingif Wright continued to make the claims that he was Bitcoin’s pseudonymous creator.

Since that time, BSV hassuffered 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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