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Bitcoin SV was removed from multiple exchanges in 2019 after Dr. Craig Wright claimed he was Satoshi Nakamoto. Now, a class action lawsuit alleges this move caused significant losses for the coin’s investors.
Following a recent ruling that Craig Wright “extensively and repeatedly” lied about being Bitcoin’s pseudonymous creator Satoshi Nakamoto, another legal battle is unfolding in British courts.
Bitcoin SV and the Class Action Lawsuit
The case, currently heard by the Competition Appeals Tribunal in London, involves Bitcoin Satoshi Vision (Bitcoin SV or BSV). Created in 2018 after a hard fork from Bitcoin Cash, BSV has been strongly advocated by Dr. Wright. He asserts that BSV, with its larger block size, facilitates cheaper and faster blockchain transactions.
This background leads to the class action lawsuit where BSV Claims Limited is suing four prominent crypto exchanges—Binance, Kraken, Bittylicious, and ShapeShift—demanding up to £10 billion ($12.8 billion) in damages. The lawsuit alleges that these trading platforms colluded to delist BSV in April 2019, artificially driving down its price and causing financial harm to British consumers who had invested in it.
Key Figures and Allegations
BSV Claims Limited is led by Lord David Currie of Marylebone, former chairman of the Competition and Markets Authority and the first chairman of Ofcom. The organization is also backed by other notable politicians, including Lord Andrew Tyrie and Sir Robert Buckland, who serve on the advisory board.
According to BSV Claims Limited, the delisting of BSV was “an anti-competitive practice in violation of competition law.” The lawsuit represents approximately 244,000 Britons who owned the cryptocurrency. It is on an “opt out” basis, meaning all investors are eligible for damages unless they explicitly decline.
Funding for the case comes from Softwhale Limited, which will receive a share of any damages if the class action succeeds. Softwhale is reportedly funded by Calvin Ayre, a Canadian entrepreneur and former gambling tycoon who supports BSV.
Evidence and Reactions
One piece of evidence presented by BSV Claims Limited involves tweets from the time of BSV’s delisting. In 2019, a pseudonymous Bitcoiner called Hodlonaut labeled Wright as a “fraud” and a “scammer” on Twitter. Binance’s then-CEO, Changpeng Zhao, tweeted support for Hodlonaut, stating:
Craig Wright is not Satoshi. Anymore of this sh!t, we delist!
Three days later, Binance announced the delisting of all BSV trading pairs, arguing that they periodically review digital assets to ensure they meet high standards. The delisting by the world’s largest exchange caused BSV’s value to drop by 50% within two days. Once the 12th largest cryptocurrency by market capitalization in 2019, BSV is now 75th, with prices stagnating as other major altcoins thrive.
Legal Arguments and Future Proceedings
Binance has argued that a significant part of the case—whether BSV had the potential to become a major cryptocurrency—should be dismissed. Binance’s lawyer, Brian Kennelly, stated that holding onto BSV was an “entirely voluntary decision” and investors were free to choose alternatives.
Kraken has described the lawsuit as “baseless.” The current three-day hearing focuses on BSV Claims Limited’s attempt to have their class action certified with a collective proceedings order. If granted, the case could proceed to trial, potentially taking two to three years before any decision on damages is made.
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