BSV Investors Revive $13B Lawsuit Against Binance Over 2019 Delisting

Investors of Bitcoin Satoshi's Vision (BSV), a hard fork of Bitcoin Cash, which itself is a hard fork of the Bitcoin protocol, are attempting to revive a 2019 lawsuit against the cryptocurrency exchange Binance. The lawsuit alleges that Binance's delisting of BSV in April 2019 has significantly impacted the altcoin's price and investor interest. The investors are seeking to challenge the UK Competition Appeal Tribunal's July 2024 decision that dismissed the "loss of chance" claim made against Binance, and are demanding up to 10 billion British pounds, or approximately $13 billion, in damages.

The BSV network has faced numerous challenges since its inception, including multiple delistings from major exchanges, 51% attacks, and a prolonged price decline. Investors argue that Binance's delisting of BSV, along with similar actions by other major exchanges, has been a primary factor in the altcoin's struggles to gain traction and attract investor attention. Binance's decision to delist BSV was influenced by the controversial behavior of BSV creator Craig Wright, who falsely claimed to be the pseudonymous creator of Bitcoin, Satoshi Nakamoto. Former Binance CEO Changpeng Zhao had warned that the exchange would delist BSV if Wright continued to make such claims. Since the delisting, BSV has experienced several 51% attacks, where malicious nodes control a majority of the network's computing power, leading to double-spending and undermining the core value of digital currencies.

The legal battle between BSV investors and Binance highlights the broader issues within the cryptocurrency ecosystem, particularly the impact of exchange delistings on altcoins. The outcome of this lawsuit could set a precedent for how exchanges handle delistings and the potential legal ramifications for such actions. If the investors succeed in their legal argument, it could pave the way for other altcoins facing similar challenges to seek legal recourse against exchanges. Despite the recent surge in BSV's price following the news of the lawsuit, the altcoin remains in a long-term downtrend. The legal battle underscores the ongoing struggles of BSV to capture investor attention and economic or computing power from the Bitcoin network. The resolution of this lawsuit could have significant implications for the future of BSV and the broader cryptocurrency market.