Self Proclaimed Bitcoin Inventor Craig Wright Wins Major $10 Billion Cryptocurrency Lawsuit

Self proclaimed Bitcoin inventor Craig Wright has wins a major lawsuit which saves him from paying $10 billion in cryptocurrency to his former business partner.

Self Proclaimed Bitcoin Inventor Craig Wright Wins Major $10 Billion Cryptocurrency Lawsuit

In 2016, Craig Wright, Australian Computer Scientist, implied in a blog post that he was Satoshi Nakamoto, pseudonym of inventor of Bitcoin. However, many are skeptical of his claim to be inventor of BTC.

He prevailed in a court case which pitted him against David Kleiman, computer forensics expert and family of his late business partner.

At stake was half of both the 1.1 million bitcoin mined and held by Satoshi, a cache currently worth around $54 billion. 

The prosecution argued that Kleiman was Bitcoin’s co-creator. In West Palm Beach, a federal jury sided with Wright and also declined to award any of the Bitcoin to Kleiman’s estate.

W&K Info Defense Research LLC, was a joint venture between these two men and Wright was ordered to pay in compensatory damage. He was ordered to pay $100 million over a breach in intellectual property related to this joint venture. This compensation money will go to W&K.

“We are immensely gratified that our client, W&K Information Defense Research LLC, has won $100,000,000 reflecting that Craig Wright wrongfully took bitcoin-related assets from W&K,” said counsel for W&K.

“This has been a remarkably good outcome, and I feel completely vindicated,” Wright said in a video posted to Twitter immediately following the verdict.

The Satoshi Nakamoto Mystery

The mystery of the Bitcoin invention has already drawn attention. Satoshi Nakamoto  published a 9 page white paper detailing a Bitcoin vision in 2008 when a financial crisis was taking hold in the United States. He also released a software for cryptocurrency mining a few months later.

Cryptocurrency mining is an intensive process by which transactions of existing digital coins are verified and new tokens are created. Earlier, mining was easy on a home personal computer.

It needs specialized equipment now and it is done by professionals.

Nakamoto, who could be a consortium of coders or one person remained active till 2011 and then he left the project. He emailed a fellow developer and informed that he has moved to another project. The enigmatic creator is believed to have mined approx 1.1 million Bitcoin before vanishing.

Wright may make more efforts to prove his ownership. He has also promised to donate Bitcoin to charity if he wins.

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