Bitcoin SV surged 15 per cent after investors reopened a $13 billion lawsuit against Binance.
Investors claim Binance’s 2019 BSV delisting led to a long-term decline in token value.
Plaintiffs seek up to £10 billion in damages, citing loss of investor interest in BSV.
Investors in Bitcoin SV (BSV) have filed new lawsuits against Binance, alleging that the delisting of BSV by the exchange in 2019 was one of the main reasons that saw the crypto price continue to plummet.
The investors have petitioned for an annulment of a previous ruling by the UK Competition Appeal Tribunal, which had dismissed their “loss of chance” claim in July 2024. By delisting BSV from Binance, the litigants argued that it deterred market growth and tarnished investors' returns.
According to attorneys representing the investors, the action led to the delisting, whereby BSV went under investors' radar and lost market liquidity. The group of investors is now seeking compensation in damages worth approximately £ 10 billion ($ 13 billion). After the alert on the legal issues, BSV’s price rose by 15% and settled at approximately $42. However, the token is still heading for a prolonged decline, with minimal to no network computing power or market movement to show for it.
Ongoing Network and Market Challenges for BSV
Bitcoin SV was created due to a hard fork split from Bitcoin Cash, derived from the first Bitcoin blockchain. Since its introduction, many network issues have been raised against BSV, especially repeated incidents of 51% attacks. These attacks are caused by a single agent possessing most of the blockchain’s computational power, allowing dishonest double spending and decreasing reliance on transaction validity.
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Moreover, the network has struggled to attract new people who would adopt and continue to keep developers engaged in FORM. BSV’s market capitalisation value has been overtaken by other major cryptocurrencies today, and it has failed to secure consistent recognition from institutions or individual investors. The current conflicts have caused critics to raise concerns about how the network can survive over time.
Craig Wright’s Claims Cited in Binance’s Delisting Rationale
In April 2019, Binance publicly confirmed that it had ceased trading BSV because of persistent fears concerning Craig Wright’s actions as the token's creator. Wright has regularly asserted that he is the pseudonymous author of Bitcoin or Satoshi Nakamoto, but he has never provided any cryptographic evidence to support his claims. Ex-Binance CEO Changpeng Zhao warned that Binance might delist the token if Wright’s allegations were not proven.
Soon, other major exchanges followed suit by delisting BSV, which damaged the token's visibility and resulted in trading barriers. These controversies around Wright's claims have meant that BSV, as perceived by crypto enthusiasts and key institutions, is beginning to change.
