Craig Wright’s lawsuit, aimed at forcing Bitcoin developers to abandon the cryptocurrency and change their code, could go to court, according to Reuters. February 3rd.
Wright is suing 15 developers trying to get 111,000 BTC worth $2.5 billion. Supposedly, Wright was hacked years ago and lost access to the keys to withdrawing cryptocurrencies from various addresses (one of these addresses was his, despite Wright’s claims). Believed to hold stolen funds in connection with the Mt Gox hack.)
If Wright wins the case, the developer could be asked to create a software patch that would help his company, Tulip Trading, recover the full amount.
Mr Wright has been pursuing the case in the UK since at least February 2021. The case was dismissed last year, but a UK Court of Appeal ruled today that developers could have obligations to blockchain owners. Judge Colin Birss said Tulip is a “realistic argument” that cryptocurrencies are left to the developers, who may need to put in code to move their bitcoin to a safe place. said to have
James Ramsden, an attorney representing several developers who are appealing the lawsuit, said his client was “incredibly nervous.” In addition to the possibility of being paid for yourself, the consequences could have far-reaching implications for blockchain development.
Wright’s relationship with the cryptocurrency community has changed dramatically due to his claim to be Satoshi Nakamoto, the inventor of Bitcoin. Nonetheless, he was involved with Bitcoin early on and was able to leverage that role in various lawsuits. Suffered a technical victory and a non-final loss in litigation.