Bitcoin SV has been removed from both exchanges since 2019 when Dr Craig Wright claimed he is Satoshi Nakamoto. A class action claims that investors in the coin suffered big losses.
Another crypto battle is taking place in British courts, following ‘s damning ruling which found that Craig Wright “extensively” and “repeatedly” lied to be Satoshi Nakamoto.
The Competition Appeals Tribunal is currently hearing a case in London relating to Bitcoin Satoshi vision — Bitcoin SV — which was created in 2018 after a hard fork of another cryptocurrency, Bitcoin Cash.
Dr Wright is a long-time advocate of BSV, even going as far to say that it’s Bitcoin. He argues that this digital asset with a much larger block size paves way for cheaper, faster transactions on blockchain.
This brings us to the class-action lawsuit that is being heard by the court. BSV Claims Limited, a group of crypto exchanges, is suing them for up to PS10 Billion ($12.8 Billion) in damages.
Why? It’s because it is alleged that the trading platforms conspired to remove BSV in April 2019. The lawyers representing the class allege that the price of the coin was artificially lowered and British consumers who invested in the coin suffered financial damage.
It’s interesting to see who is leading BSV Claims Limited. Lord David Currie, of Marylebone, has played a variety of important roles in Britain throughout his career. He was the first chairman of Ofcom and the chairman of Britain’s Competition and Markets Authority.
The organization continues to claim that it is backed by other prominent politicians. Lord Andrew Tyrie is a trained economist and former Chairman of the Treasury Select Committee. Sir Robert Buckland is a current MP and also sits on the advisory council. He was the former justice secretary.
What is going on?
BSV Claims Limited claims that the decision to delist BSV is “a anti-competitive act in violation of the competition law.” The lawsuit represents an estimated 244,000 Britons, who own the cryptocurrency, and it is filed on an “opt-out” basis. This means all investors are eligible for damages, unless they expressly say they don’t want to be compensated.
Softwhale Limited is funding the case. They will receive a portion of any damages that are awarded if this class action is successful. CNN says that Calvin Ayre is funding this business. Calvin Ayre is a Canadian businessman and former gambling tycoon. He has also given his support to BSV.
BSV Claims Limited has a plank that relates to the tweets that were sent at the time this cryptocurrency was delisted. Five years ago, on Twitter, a Bitcoiner using the pseudonym Hodlonaut called Wright a fraud and a scammer. Hodlonaut won a defamation suit that followed. Changpeng Zhao (then-CEO of Binance) had tweeted Hodlonaut’s support in April 2019.
BSV’s price plummeted after the news of its delisting from the largest exchange in the world. It fell by 50% within just two days. The cryptocurrency, which was once ranked 12th in 2019 in terms of its market capitalization, is now 75th. Prices are stagnant while other major altcoins experience a bull run.
Binance, for its part told the London tribunal Wednesday that the majority of the case – relating to the question of whether BSV has the potential to be a major cryptocurrency – should be thrown away. Brian Kennelly, the lawyer for Binance, stated that those who held onto BSV made a “voluntary decision” and could invest in another altcoin.
Kraken previously called this suit “baseless.”
BSV Claims Limited is currently undergoing a three-day hearing to obtain a collective proceeding order to certify their class action. This means that the case is still in its very early stages. If the case is granted, it will then proceed to trial. The organization admits that it may take up to two or three years to make a decision on damages.
