BSV Claims Limited seeks a $9 billion compensation for investors who faced substantial losses during the 2019 Bitcoin SV delisting binge.
BSV Claims Ltd. is currently presenting a high-stakes legal challenge to the Competition Appeal Tribunal. The lawsuit targets significant cryptocurrency exchanges like ShapeShift, Kraken, Binance, and other crypto exchanges. The hearing, which commenced on June 5 under sunny skies in London, is focused on the 2019 delisting of Bitcoin SV (BSV).
Binance, Kraken, ShapeShift, and Other Companies Refuse to Pay $9B in Compensation
Following Craig Steven Wright’s controversial assertion that he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin (BTC), the BSV was delisted. For this, BSV Claims Ltd. seeks a staggering $9 billion compensation for BSV holders.
The plaintiffs contend that the delisting has deprived Bitcoin SV investors of substantial growth opportunities. Furthermore, the company argued that the exchanges’ actions were collusive and unjustly influenced the market. This ultimately led to significant financial losses for investors in BSV.
The losses were determined by BSV Claims Ltd. by analyzing the performance of other cryptocurrencies between 2019 and 2024. Furthermore, they suggested that BSV holders may have lost out on substantial gains if BSV wasn’t delisted.
The defendants, which include Bittylicious Limited, Payward Limited (parent company of Kraken), ShapeShift Global Limited, Payward, Inc., ShapeShift AG, and Binance Europe Services Limited, have assembled formidable legal teams to contest the claims. They contend BSV investors had sufficient time to trade their tokens after the delisting announcements. Â
Additionally, they maintained that they could have reinvested in alternative cryptocurrencies, thereby reducing the likelihood of any potential losses. The plaintiffs contend that BSV holders were not subject to any lock-ups that would have prevented them from selling their holdings in the association. Consequently, compensation for alleged missed opportunities should not be granted.
Twitter Polls Are the Focus of BSV’s Claims
The announcements made on social media, particularly Twitter (now X), are at the core of BSV Claims Ltd.’s argument. They claimed these posts suggested the exchanges’ coordinated attempt to delist BSV. The plaintiffs also cited Kraken’s Twitter poll and Binance’s public statements as proof of collusion.
Nevertheless, the defendants maintain that they made their decisions independently. Additionally, they observed that the pronouncements relied upon each exchange’s evaluation of BSV’s market viability and security concerns. The court previously rejected Wright’s Satoshi claims, prompting BSV Claims Ltd. to pursue legal action against Binance and other exchanges.
