According to a report published by Reuters on Feb 3, famous American businessman Craig Wright has filed a lawsuit against several Bitcoin developers. These developers will go to trial, and if he wins, these developers will be forced to modify the Bitcoin code. As per the reports, this lawsuit will allow Craig to earn billions of dollars.
Lawsuit will allow Craig to earn billion of dollars
As Reuters reported, Wright is suing 15 bitcoin developers to force them to surrender crypto and modify code. It is an attempt by him to obtain 111,000 BTC worth 2.5 billion USD. Supposedly, Wright suffered a hack a year ago, leading him to lose access to keys that would have allowed him to withdraw crypto from various addresses.
Despite Wright’s assertions, one of those addresses is believed to hold stolen funds related to the Mt. Gox hack. If Wright can win the case, all the bitcoin developers would be required to write software patches to help his company, Tulip Trading, recover the total amount.
Since at least Feb 2021, the famous American businessman has pursued this action in the United Kingdom. Though the case was dismissed last year, the UK’s Court of Appeal ruled that developers may owe duties to blockchain owners. Court’s judge Colin Briss said that Tulip has a realistic argument that cryptocurrencies are entrusted to the developers and that those developers should be responsible for introducing code that moves the owner’s Bitcoin to a safe location.
James Ramsdem, the lawyer representing several developers appealing the case, said that his clients are incredibly nervous. In addition to possibly being made to pay money themselves, the outcome could impact blockchain development broadly.
Wright’s special relationship with the crypto community
As you know, popular American businessman Craig Wright has filed a lawsuit against several Bitcoin developers. However, many experts consider Wright to have had a tumultuous relationship with the crypto community due to its claims that he is Satoshi Nakamoto, the pseudonymous inventor of Bitcoin. Nevertheless, he has been involved with Bitcoin from an early age and has leveraged that role in various legal cases. He has had certain victories in copyright cases, technical wins and non-final losses in defamation cases.
What are your thoughts on the lawsuit filed by Craig Wright against 15 Bitcoin developers? Do you think Craig Wright is the pseudonymous inventor of Bitcoin? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
Also Read: Crypto firms lost $3.8 billion to hackers in 2022: Chainalysis