A group of Bitcoin SV (BSV) investors is working to resurrect a multi-billion-dollar lawsuit against Binance, claiming the exchange’s 2019 delisting of the altcoin caused long-term damage to its price and reputation.
BSV, a hard fork of Bitcoin Cash (itself a fork of Bitcoin), has faced a steep and prolonged decline in value. Now, the investors argue that major delistings—particularly Binance’s decision to remove the token—are largely to blame for BSV’s failure to gain traction in the broader crypto market.
According to a Law360 report, attorneys representing the investors want the UK Competition Appeal Tribunal to revisit its July 2024 decision dismissing a “loss of chance” claim against Binance. In their original filing, the plaintiffs sought $9 billion in damages. If the appeal is successful, the damages could reach as high as 10 billion GBP (about $13 billion).
Price Jumps on Legal Momentum, But BSV Remains in Decline
Following news of the revived legal push, BSV’s price jumped around 15% and is currently trading near $42. However, the altcoin remains deeply entrenched in a long-term downtrend, struggling to attract miners or meaningful investor interest.
BSV has also suffered multiple 51% attacks—critical breaches that undermine trust in the blockchain’s integrity by allowing attackers to double-spend funds and take control of network consensus.
Binance Delisted BSV in 2019 Over Craig Wright Controversy
Binance removed BSV from its platform in April 2019, citing its failure to meet listing standards. The decision came in response to the behavior of BSV founder Craig Wright, who is widely criticized in the crypto community for falsely claiming to be Satoshi Nakamoto, Bitcoin’s anonymous creator.
Then-Binance CEO Changpeng Zhao publicly warned that the token could be delisted if Wright continued making those assertions. When Wright persisted, Binance followed through on the threat.
Since then, BSV has been removed from several other major exchanges, further isolating the token from mainstream crypto investors.
Key Points
- BSV investors seek $13B in damages over Binance’s delisting decision.
- UK tribunal ruling challenged in hopes of reviving the 2019 lawsuit.
- Token price briefly surged 15% on the news, now trading at $42.
- Craig Wright’s actions and 51% attacks have severely damaged BSV’s credibility.
Whether the lawsuit succeeds or not, BSV remains a cautionary tale of what happens when a controversial founder and technical vulnerabilities collide with centralized exchange policies.
