This week, a nearly £10 billion ($12.19 billion) class action lawsuit was filed in the UK against Binance, Kraken, Bittylicious and Shapeshift for the 2019 mass delisting of BSV. filed by BSV Claims Limited on behalf of the UK. consumers who owned the digital asset.
Claims are brought in a Collective Procedural Order (CPO) before the UK’s Competition Appeal Tribunal (CAT), a judicial body which has the power to resolve disputes relating to competition. A CPO is like a class action lawsuit in the United States.
The companies have been accused of public collusion to harm BSV’s growth and potential, causing losses to holders and investors. The complaint states that “the delisting arose out of the personal animosity of those in charge of these exchanges towards a prominent BSV supporter.” It also states that “the effect of this conduct was to harm competition by artificially lowering the value of BSV, causing losses to holders and investors of the coin.” Binance and Kraken reportedly seized BSV from some users after delisting.
According to BSV Claims Director and Group Representative, Lord David Currie of Marylebone, “The case is an opportunity to demonstrate that competition law applies in the area of crypto assets in the same way as it does. made for other economic activities”. He believes “that the members of the group deserve to be protected against anti-competitive behavior”. He added, “The fact that the delisting activity described…was concerted and unchallenged by regulators raises, in my view, serious consumer protection concerns.” Lord Currie was the first chairman of the UK Regulator Competition and Markets Authority.
As of this writing, he said digital currency exchanges have yet to comment on the lawsuit.
Also in the UK, the High Court found podcaster Peter McCormack guilty of defamation on 15 counts against Dr Craig Wright. The UK judge also agreed that said tweets had seriously damaged Dr Wright’s reputation in the UK.
Following Wright’s doxing as the creator of Bitcoin in 2015, he faced constant harassment in public in which McCormack played a central role. Wright sued McCormack over a series of defamatory tweets in 2019. It came after one of the podcaster’s tweets, “When am I being sued?” The judge ordered McCormack to pay a nominal amount of £1 ($1.22) in damages to Dr Wright, in addition to the more than £100,000 ($121,810) in costs already paid.
Other attacks in the digital asset space have been seen this week.
Solana users lost around $5 million after a global attack drained thousands of hot wallets. A few hours after the incident, Solana Network engineers have not defined the root cause of the hack. Solana advised users to ditch compromised wallets and encouraged them to try hardware wallets instead.
The attack comes after Nomad’s exploit earlier this week resulted in a loss of nearly $200 million worth of shrouded ETH and BTC. Nomad is a software bridge between Ethereum, Avalanche and other networks, allowing assets to move from one blockchain to another.
In other news, Bitcoin websites are moving to Internet Protocol version 6 (IPv6). Some, like CoinGeek and Bitcoin Association, have started to jump into the next version of the internet protocol.
Bitcoin can realize its full potential with IPv6, which enables direct, secure, and fast transactions between hundreds of billions of users and devices worldwide, creating a massive new digital economy.
To learn more about IPv6 and how it works with the BSV blockchain, check out this Jon Southurst interview with Dr. Craig Wright. Watch the full video on CoinGeek YouTube Channel.
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