How Bitcoin SV was born and who is to blame for its collapse
What’s wrong with Bitcoin SV?
Bitcoin SV’s price has been falling for years. All this time, the cryptocurrency’s investors have been looking for someone to blame for the project’s failure. Now, they are trying to revive a lawsuit against Binance for delisting BSV. However, they still refuse to acknowledge who is truly responsible for the collapse of the so-called "real Bitcoin."
Over the weekend, it was revealed that investors in Bitcoin Satoshi's Vision (BSV) are once again trying to reopen their lawsuit against Binance, originally filed back in 2019 over the delisting of Bitcoin SV. The investors are pushing for a review of the UK tribunal’s July 2024 ruling, which dismissed their $9 billion claim.
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Why have they been trying to sue the exchange for so many years? BSV investors claim that the delisting scared off investors and that the coin’s price will likely never return to its all-time high of $425. Today, BSV struggles to stay above $40.
If the plaintiffs succeed, they could receive around $13 billion in compensation. However, their chances appear slim.
What is Bitcoin SV?
Bitcoin SV emerged from one of the biggest splits in crypto history. In 2017, the Bitcoin community split into two camps: those who supported Bitcoin’s original protocol and those who wanted to increase the block size to boost network capacity.
Supporters of the original Bitcoin ultimately won that battle, but the conflict led to the creation of Bitcoin Cash (BCH), a fork offering larger blocks and cheaper transactions. However, the peace didn’t last long. A new conflict arose within Bitcoin Cash between two prominent figures — Roger Ver and Craig Wright.
In 2018, the feud reached its peak, resulting in yet another hard fork, which created Bitcoin SV (BSV). Craig Wright and his allies declared that their version of the network reflected Satoshi Nakamoto’s original vision, branding BSV as the "one true Bitcoin".
Why Binance delisted Bitcoin SV
In April 2019, Binance delisted BSV during a "review" of listed assets. The official reason was that the token no longer met Binance’s standards. The real issue was Craig Wright himself, who had spent years claiming to be Satoshi Nakamoto, the creator of Bitcoin. Wright even went as far as threatening lawsuits against anyone who publicly disagreed with him.
At the time, Binance was led by Changpeng Zhao, who warned that BSV would be delisted if Wright continued to push his claims. Wright ignored these warnings, and Binance eventually removed the token.
Initially, it seemed that the delisting had little impact on BSV’s price. In fact, the coin hit its all-time high of over $400 in 2021, fueled by Bitcoin’s broader market rally. However, that growth was short-lived, and when the bear market began, BSV started its long downward spiral, eventually decoupling from Bitcoin’s price movements.
BSV price performance. Source: CoinGecko.
But price action wasn’t the only issue. BSV also suffered multiple 51% attacks, raising serious doubts about the security and reliability of its network.
The final blow
Last year, a UK court officially ruled that Craig Wright is not Satoshi Nakamoto, putting an end to the myth that had propped up Bitcoin SV’s narrative for years. This verdict effectively crushed the project’s future, which had always relied on Wright’s unproven claims.
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Today’s renewed lawsuit against Binance looks more like a last-ditch attempt to make money as the project sinks. BSV investors continue to blame external factors, but still refuse to accept that the project’s true failure lies in its founder’s false ambitions.
While the BSV team points fingers at exchanges and demands billions in damages, the market has already moved on, leaving BSV with no trust and no real interest from the crypto community. Even if they manage to reopen the case, it won’t solve the project’s core issues — lack of trust in its founder, network vulnerabilities, and complete stagnation in development.
Today, BSV remains afloat only thanks to speculation around legal battles, while real crypto projects continue building ecosystems and attracting actual users.
