The UK Supreme Court has rejected a $12 billion appeal that sought damages from Binance, Kraken, and other crypto exchanges over the delisting of Bitcoin Satoshi Vision (BSV).
BSV Claims Limited first argued back in 2024 that a series of token delisting events cratered BSV’s value and stunted its potential growth as a Bitcoin competitor.
Unfortunately, Supreme Court judges Miles, Hodge, and Rose rejected its most recent request to appeal on December 8, claiming it “does not raise an arguable point of law or a point of law of general public importance.”
BSV legal claim rejected a third time
BSV Claims Limited first brought its case to the Competition Appeal Tribunal in 2024. The body rejected its claims that it suffered a “foregone growth effect” and “loss of chance” for the price of BSV to appreciate like bitcoin (BTC).
Since BSV’s delisting began in April 2019, BTC has risen 2,322% to an all-time high of $124,700. BSV, meanwhile, has fallen 94% to a price of $19.
BSV Claims Limited then appealed to the Court of Appeals, which similarly struck down its claims. Appeal judges argued that BSV holders weren’t owed billions in damages, and that they should’ve mitigated their losses upon discovering the delisting events.
Read more: Craig Wright firms struck from Seychelles company register
The Master of the Rolls said, “Even if BSV holders reasonably remained unaware of the delisting events for much longer periods, I cannot see how they could ever claim more than the total value of their holding before the delisting events plus any quantifiable consequential losses such as trading fees.”
BSV Claims Limited is based around the Bitcoin spin-off BSV. It was created and promoted by Craig Wright, an Australian businessman who was proven to have lied about his claims to be Bitcoin’s original creator, Satoshi Nakamoto.
A hard fork of Bitcoin Cash, which is itself a hard fork of Bitcoin, BSV was delisted in 2019 from multiple exchanges as Wright continued to threaten users with legal action if they didn’t concede he was Satoshi.
When Binance delisted BSV, its former CEO Changpeng Zhao called Wright a “fraud.”
Crypto exchange OKCoin also delisted the token in 2021 while its CEO, Hong Fang, highlighted Wright’s legal attacks and BSV’s poor price.
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Source: https://protos.com/supreme-court-rejects-12b-bsv-claim-against-kraken-binance/
