Bitpanda investors seek millions after Vision token loses three quarters of its value
What's the deal? The Vienna law firm Aigner Lehner Zuschin has sent an 11-page demand letter to Bitpanda GmbH and Pantos GmbHDealroom has a profile for this one. Try Dealroom →, calling for the reversal of the PAN and BEST token swap into Bitpanda's new Vision token (VSN). The firm acts for three investors and an association for potentially harmed crypto investors, with reportedly more than 10,000 investors affected, one of whom alone invested over €2 million.
Why now? VSN has lost roughly three quarters of its value since the July 2025 swap. The token now trades at about €0.03, down from the €0.11 to €0.12 implied by the fixed conversion rates. Market capitalisation has shrunk from nearly $700 million at launch to around €118 million — wiping out roughly €480 million in value.
How did VSN come about? Bitpanda merged its two legacy tokens — PAN, sold in a 2018 ICO, and BEST, sold in a 2019 initial exchange offering to about 22,000 buyers for €43.6 million — into VSN at fixed rates: 1 BEST for 4.91 VSN, 1 PAN for 0.89 VSN. The token is issued by the Vision Web3 Foundation in Zug. Of 4.2 billion tokens, about 1.47 billion went to the foundation rather than existing holders.
What are the allegations? The firm's most serious claim is that PAN and BEST were offered without the required capital-market prospectus. "The investors can demand a reversal," says lawyer Ivan Dimov (translated from German). It also alleges undisclosed conflicts of interest, promised features such as the Pantos mainnet and a launchpad that were never delivered, and labels the swap a "forced migration."
What could go wrong? The demand is an out-of-court step, not a filed lawsuit or ruling. The allegations that the original offers required prospectuses, or that the migration created compensable losses, remain untested. "The investors trusted Bitpanda's good reputation and bought tokens on a large scale," says lawyer Lukas Aigner.
The signal: The claim lands amid closer scrutiny of Bitpanda's token disclosures. In August 2026, Austria's Financial Market Authority fined the firm €70,000 for MiCA white-paper timing and marketing breaches — which Bitpanda described as procedural and formal, and which the regulator did not tie to any named token. That fine does not establish the merits of this separate dispute, but the VSN price collapse makes the investor claims harder to ignore.
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Image credit: Bitpanda