Oxera has prepared a report as part of a class action examining losses to UK-based individuals who owned the cryptocurrency Bitcoin Satoshi Vision (BSV) due to alleged coordinated behaviour by cryptoexchanges.
- Oxera’s report is produced as part of a claim on behalf of UK-based individuals who owned BSV, and focuses on loss or damage caused by the alleged coordinated de-listing of BSV by four cryptoexchanges.
- The claim by BSV Claims Limited is brought against Binance (Binance Europe Services Limited), Bittylicious (Bittylicious Limited), Kraken (Payward Limited and Payward Inc.) and ShapeShift (Shapeshift Global Limited and Shapeshift AG).
An application for an opt-out collective proceeding under the Consumer Act 2015 has been filed regarding the alleged coordinated behaviour of several cryptoexchanges causing losses to BSV owners.
Oxera’s report quantifies the losses of around 240,000 UK-based individuals who held BSV in April 2019.
Oxera’s report concludes that the coordinated de-listing of BSV had a significant negative effect on the price of BSV in both the short and long run. If coordinated behaviour is found to have occurred, the damages suffered could be up to £9.9bn.
Oxera Partner Helen Ralston said:
‘Cryptoexchanges play an important role in the growing market for crypto-trading and are undergoing increasing regulatory scrutiny. It is important that users are protected and are compensated for any losses suffered.’