Bitcoin SV Investors Battle Binance in $13.3 Billion 'Loss of Chance' Appeal - A Crypto Legal Drama Unfolds

Bitcoin SV Investors Seek to Revive $13.3 Billion Claim Against Binance

Bitcoin SV (BSV) investors are making headlines as they appeal to the UK Court of Appeal to reinstate their claim against Binance. They argue that the delisting of BSV in 2019 caused them to miss out on significant growth, potentially amounting to over $13 billion in losses. This claim hinges on the "forgone growth effect," suggesting BSV could have rivaled Bitcoin's value had it not been delisted.

The Legal Battle Intensifies

The Competition Appeal Tribunal previously dismissed this specific claim, citing that investors could have mitigated losses by trading BSV for other cryptocurrencies. However, the investors' legal team contends that the "loss of chance" should be considered, as the delisting led to a "permanent ongoing loss of value."

A Broader Class Action

This case is part of a larger class action involving other exchanges like Kraken, ShapeShift, and Bittylicious, which also delisted BSV. The lawsuit, representing an estimated 243,000 UK-based investors, marks the UK's first collective cryptocurrency and competition case.

The Craig Wright Controversy

Adding complexity to the case are allegations against Craig Wright, who falsely claimed to be Bitcoin's inventor, Satoshi Nakamoto. Critics argue that Wright's fraudulent claims influenced BSV's value, prompting exchanges to delist it to protect the cryptocurrency ecosystem.

Legal and Practical Hurdles

Experts like Ashley Fairbrother highlight the novelty and complexity of such cases, noting the significant legal challenges investors face. Despite being well-resourced, the investors' success could inadvertently benefit Wright, raising ethical and legal questions.

This legal saga underscores the intersection of cryptocurrency, law, and ethics, setting a precedent for future disputes in the digital asset space.