Binance, ShapeShift and Kraken Reject $9 Billion in Compensation for Bitcoin SV Delisting
The Competition Appeal Tribunal is currently BSV Claims Ltd. is hearing a high-stakes legal challenge filed by . The lawsuit was filed against several major cryptocurrency exchanges, including binance, kraken, and ShapeShift. The hearing, which began under sunny skies in London on June 5, revolves around the delisting of Bitcoin SV (BSV) in 2019.
Binance, Kraken, ShapeShift and Others Reject $9 Billion in Damages
BSV’s delisting follows controversial claims by Craig Steven Wright claiming that he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin (BTC). Also BSV Claims Ltd. BSV is seeking a staggering $9 billion in damages on behalf of its owners.
Plaintiffs claim that the delisting deprives Bitcoin SV investors of significant growth opportunities. Additionally, the company claims that the exchanges’ actions constitute collusion and unfairly influence the market. This ultimately resulted in significant financial losses for BSV investors.
Losses were calculated based on the performance of other cryptocurrencies between 2019 and 2024, according to BSV Claims Ltd. They also argued that BSV holders missed out on significant gains they could have made if BSV had not been delisted.
The defendants, consisting of Bittylicious Limited, Payward Limited (Kraken’s parent company), ShapeShift Global Limited, Payward, Inc., ShapeShift AG and Binance Europe Services Limited, have assembled strong legal teams to contest the claims. They claim that BSV investors had the opportunity to sell their tokens following the delisting announcements.
They also argued that they could reinvest in other cryptocurrencies, thus reducing potential losses. In this context, the defendants argue that BSV holders are not subject to any lock-in that would prevent them from selling their assets. There should therefore be no entitlement to compensation for allegedly lost opportunities.
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BSV Highlights Twitter Polls
Central to BSV Claims Ltd.’s claim are announcements made on social media, particularly Twitter (now X). They suggested that these posts indicated a coordinated effort between exchanges to delist BSV. Additionally, the plaintiffs cited a poll conducted by Kraken on Twitter and public statements by Binance as evidence of collusion.
However, the defendants claim that their decisions were made independently. They also noted that the announcements were based on each exchange’s assessment of BSV’s sustainability and security concerns in the market. Previously, Wright’s Satoshi claims were found false by the court, prompting BSV Claims Ltd. to take action. Taking legal action against Binance and other exchanges.
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