UK Court Throws Wrench in $13.3B Crypto Class Action Against Binance and Kraken

In a jaw-dropping twist, a UK appellate judge just slammed the brakes on a massive $13.3 billion class action against crypto giants Binance and Kraken. The judge upheld a tribunal's decision to KO a key damages argument in the explosive BSV Claims Ltd case.

The court flat-out rejected the claim that BSV could've been the next big thing like Bitcoin if it hadn't been booted off the exchanges back in 2019. Talk about a gut punch to the plaintiffs!

The ruling called the damages "speculative" and told investors they should've sold their BSV on the open market. But hey, it's not all over yet—smaller claims from users who got locked out or sold at a loss might still have a shot.

BSV Claims Ltd kicked off this rollercoaster lawsuit, fighting for damages on behalf of BSV investors after the coin got the axe from Binance and Kraken. It's been a wild ride ever since.

The plaintiffs were banking on a "loss of chance" angle, arguing BSV would've soared to the top if not for those brutal delistings. But both the tribunal and now the court ain't buying it.

Holders Could've Bailed

Get this—the ruling says BSV holders who knew about the delistings (dubbed "sub-class B") had a golden ticket to sell and soften the blow. But nope, they held on tight.

With BSV being a tradable asset and having siblings like Bitcoin and Bitcoin Cash, the court said hanging onto BSV post-delisting was a gamble, not a loss they could claim back.

The court also threw shade at the "loss of chance" doctrine, saying it doesn't fit this scenario where outcomes depend on third-party moves.

They boiled it down to straight-up cause and effect: would BSV have shot up if it hadn't been delisted? The judge said that's a coin toss based on probabilities, not some wild guess.

And in a final twist, the judge blasted the lack of a formal order from the Competition Appeal Tribunal, saying it would've cleared up the claim's scope, especially with an appeal looming on the horizon.