• Sun. Jul 14th, 2024

Wright’s Bitcoin Ownership Case Intensifies as Court Ceases £6 Million

Maria Bartiromo

ByMaria Bartiromo

Mar 30, 2024
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A United Kingdom court has ordered the freezing of £6 million worth of assets belonging to Craig Wright, a controversial Australian businessman and computer scientist who claims to be the founder of Bitcoin. The court’s ruling is targeted at the ongoing controversy over Wright’s claim to be the anonymous inventor of the first cryptocurrency, Satoshi Nakamoto.

The High Court of England and Wales’ freeze ruling marks a major turning point in the protracted dispute over Wright’s succession to the Bitcoin establishment. The ruling was made in response to a request made by David Kleiman, an American IT forensics expert said to have worked with Wright on the early stages of Bitcoin development.

Wright’s claim that he is the real name behind the pseudonym Satoshi Nakamoto, who published the Bitcoin white paper and made the original Bitcoin code public in 2009. In his pursuit of proof, Wright has drawn both admirers and critics, with many in the Bitcoin community questioning the authenticity of his claims.

Court Restricts Wright from Transferring Digital Assets, Kleiman Sues Wright 

Some interpreted Wright’s action as an attempt to support his claims that he is the founder of Bitcoin and to claim ownership of the intellectual property connected to it. David Kleiman has disputed Wright’s copyright claim, insisting that Wright is trying to take credit for his work falsely.

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Kleiman filed a case against Wright in the Southern District of Florida United States District Court, requesting reparations and damages for Kleiman’s purported contribution to the invention of Bitcoin. Since then, the legal dispute has moved to the United Kingdom, where Kleiman’s estate has gained a substantial win with the High Court’s freeze order.

While the United States litigation is still active, Wright is not allowed to sell or transfer any of his assets, including his Bitcoin holdings. Reports from Cointelegraph say that Bitcoin and other assets valued at billions of dollars are at risk; thus, how the court processes turn out might significantly impact Wright and the larger cryptocurrency community.

Cryptocurrency Community Doubts Wright’s Claim, Accuse Him of Manipulation

In response to the court’s ruling, Wright has promised to continue the fight to support his claim that he is the actual creator of Bitcoin. He insists that he has presented a wealth of evidence to support his claim, including cryptographic keys and other records purporting to identify him as Satoshi Nakamoto.

Skeptics are citing contradictions in Wright’s account and his inability to offer solid evidence of his contribution to the creation of Bitcoin. According to critics, Wright’s long-running campaign of deceit and manipulation is intended to support his financial interests and reputation.

Some cryptocurrency communities have started perceiving Wright as a scammer trying to use Satoshi Nakamoto’s reputation for personal advantage, while others think his assertions are genuine and worthy of attention.

Bitcoin Legal Team Responds to Wright’s Lawsuit, Tags it Offensive

The Crypto Open Patent Alliance (COPA), in April 2021, filed a litigation case against Mr. Wright, challenging his claim of being the person behind the Satoshi Nakamoto identity, thus holding the Bitcoin copyright identity.

Judging by the testimonies from Martti Malmi, one of the previous Bitcoin developers, the judge passed a judgment on the 14th of March, 2024, that there is overwhelming evidence that Wright is not Nakamoto.

Wright had in 2023 sued 13 developers from Bitcoin Core, Blockstream, Block, Coinbase, and a couple of other companies. Wright had accused them of copyright violations related to the file format of the Bitcoin white paper and its right to the Bitcoin blockchain database. However, the Bitcoin Legal Defense Fund has replied to the lawsuit.

In their response, they highlighted the continued offensive lawsuits against major Bitcoin contributors, a development they claim deters the coin’s development. The legal team further explained that the so-called lawsuits are strenuous, attract more expenses, and pose a special kind of legal risk.

It was also disclosed that in 2019, Wright had filed a formal copyright registration, alongside its codes for Bitcoin in the United States. The report also states that the Bitcoin white paper has been subjected to a Massachusetts Institute of Technology (MIT) open-source license, allowing users to recreate the codes. Meanwhile, the latest court injunction will prevent Wright from continuing to lay claim to copyright.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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