Activists representing the interests of Bitcoin SV (BSV) investors intend to renew their lawsuit against the cryptocurrency exchange Binance. The lawsuit, originally filed in 2019, concerns the delisting of the token, which the plaintiffs believe led to significant losses for asset holders.
This is reported by Finway
Significant Losses Due to Delisting
The claimants are convinced that Binance’s actions negatively impacted the price of BSV, preventing the coin from realizing its potential. They are seeking $13 billion in damages. The plaintiffs’ attorneys believe that the UK Court of Appeal should reconsider its previous ruling from July 2024, when the court denied the claim regarding the “loss of opportunity” for BSV’s price increase.
Market Reaction to Legal News
Representatives from Binance assert that the delisting occurred due to the asset’s failure to meet the company’s standards. Following the removal of BSV from the Binance platform, similar actions were taken by other major exchanges, which, according to the plaintiffs, “destroyed its prospects.” Since the delisting, Bitcoin SV has been affected by a 51% attack and a decrease in hash power, resulting in the asset failing to capture a significant market share and remaining in a downward trend.
In light of the news regarding the attempt to revive the lawsuit, the price of BSV rose by over 15%, reaching $44.15, according to CoinMarketCap. However, shortly after, the price corrected and fell to $41.9. The market capitalization of the asset stands at $830 million.
At the time of writing, the lawsuit has not been re-accepted, but if the court proceeds with the case, the compensation amount could reach $13 billion.
Bitcoin SV was created as a hard fork of Bitcoin Cash, which emerged in response to disputes over the scaling of the original Bitcoin. Despite its technical similarities, BSV has failed to replicate the success of its predecessors.
It is worth noting that earlier reports mentioned Conor McGregor’s call for the establishment of a Bitcoin reserve in Ireland.