How Bitcoins Trial of the Century in Miami Could Reveal Founder and Shock the Crypto Market – NBC 6 South Florida

Bitcoin mining: a report finds the network mostly runs on renewables – Vox

When bitcoin launched in 2009, a single bitcoin was priced at less than one-tenth of a cent ($0.0008); now a bitcoin is worth more than $50,000. imagine having created bitcoin and the fortune that would belong to you; well, one man claims he did it and now another man’s family says he wasn’t the only one who did it, and it became a test that takes place right here in miami. .

It’s called the bitcoin trial of the century, and ultimately this multi-million dollar case is about whether or not the man who claims to have founded bitcoin had a partner. A federal judge in Miami could order 1.1 million bitcoins to be split in half, a move that would rock the cryptocurrency market.

Reading: Bitcoin trial miami

“satoshi nakamoto mined hundreds, thousands of wallets containing 1.1 million bitcoins that have never moved,” said kurt wuckert jr., a bitcoin historian at coingeek.

In the world of cryptocurrencies, satoshi nakamoto is the pseudonym used by the person or persons who created bitcoin in the late 2000s. satoshi is estimated to own up to 20% of all bitcoins and is believed to have written and published the bitcoin white paper: the original blueprint and protocol for the cryptocurrency. but the identity behind satoshi is shrouded in mystery.

“we have this inventor and we don’t know who they are. we can’t find the ID of this person sitting on a mountain of gold,” said chris cannucciari, director of an upcoming documentary, “the search for satoshi.”

While many have claimed to be Satoshi, none have been as adamant in trying to prove it as Craig Steven Wright, a computer scientist from Australia who claims to be Satoshi Nakamoto.


“there’s a lot of potential for him to be satoshi,” said cannuciari. “There has been no concrete evidence that he is satoshi, but it could be said that he was at the scene of the crime.”

if wright is the creator of bitcoin, some say he was not the only one who did. Relatives of the late David Kleiman, a Palm Beach County computer scientist who died in 2013, say Kleiman developed Bitcoin with Wright and have taken Wright to court over the matter, suing for half of Satoshi Nakamoto’s Bitcoins.

“The fundamental problem is that there is no indication that the two men had any written partnership agreement to mine bitcoins,” said Andres Rivero, Wright’s defense attorney.

Ira Kleiman, David’s brother, is behind the lawsuit.

“Ira Kleiman is looking for a pot of gold and he’s not going to find it here,” Rivero said.

nbc 6 contacted kleiman’s legal team. lead attorney vel freedman issued a statement saying:

See also : Bitcoin mining: a report finds the network mostly runs on renewables – Vox

“wright claimed to have more money than nation states, telling an audience in rwanda that ‘i have more money than your country.’ the plaintiffs’ case, supported by emails, testimony, documents and multiple admissions from the defendant himself – is that he obtained half of that wealth by stealing it from the inheritance of his late best friend; he should not be allowed to keep it.”

In court, kleiman’s team presented emails they say prove the two were partners in bitcoin, but wright’s defense says that while the two were dear friends and collaborated on other projects, wright is the only one bitcoin creator.


“there is a lot at stake for both sides,” cannucciari said. “The great tobacco case was settled in the hundreds of millions, that is in the tens of billions. that would be significant.”

If a judge orders bitcoins to be halved and wright actually moves them, experts say bitcoin’s skyrocketing price could plummet.

“The moment a coin moves, it shows that your coins are not secure,” said Wuckhert. “it would be the biggest drop in bitcoin history.”

The case, which is being heard in federal court in downtown Miami, is expected to conclude before Thanksgiving.

Category: Bitcoin

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