The London Appeal Tribunal (CAT) rejected a class action lawsuit from Bitcoin SV (BSV) investors against cryptocurrency exchanges Binance, Kraken, ShapeShift, and Bittylicious for £8.9 billion ($11.9 billion). Investors claimed that the delisting of BSV in 2019 caused significant losses, as the token could have reached the value of leading cryptocurrencies like $BTC or Bitcoin Cash. They estimated losses at 352 times the value of the assets at the time of delisting.
The court, presided over by Jeffrey Vos, ruled that the claims were 'fundamentally flawed,' noting that investors could have minimized their losses by exchanging BSV for other cryptocurrencies or selling their assets after the delisting warning. The court emphasized the high volatility of cryptocurrencies and the risks associated with such investments, rejecting claims for 'hypothetical lost profits.' The delisting of BSV was linked to pressure from Craig Wright's controversial actions, who claimed to be Satoshi Nakamoto. This decision was a legal victory for exchanges, particularly Binance.
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