Bitcoin

Man Claiming to Have Invented Bitcoin Wins Dispute, Gets to Keep 50B in Crypto

craig wright, a computer scientist who claims to be the creator of bitcoin, won a civil suit Monday, allowing him to keep some $50 billion in cryptocurrency, or 1.1 million bitcoins, according to the associated press.

the bitcoin in question was one of the first to be made through mining and could only be owned by whoever or whatever has been involved with the cryptocurrency since its inception, such as satoshi nakamoto, the creator of bitcoin .

Reading: Kleiman billion bitcoin has started

The lawsuit was won against the family of david kleiman, a deceased business associate who claimed they were owed half of the 1.1 million bitcoins. A Florida jury found that they were not owed the bitcoin, but awarded $100 million in intellectual property rights to a joint venture between Kleiman and Wright. According to the AP, this is only a fraction of what Kleiman’s lawyers asked for during the trial.

“This was a huge victory for our side,” said Wright’s lead attorney, Andres Rivero of Rivero Mestre LLP.

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The jury heard testimony about how bitcoin was created and how the cryptocurrency worked, the AP said. Jurors took a full week to decide, with jurors constantly asking questions about the workings of cryptocurrencies and the business relationship between Wright and Kleiman to attorneys on both sides and to the judge. jurors had noted that they were deadlocked for the judge at one point.

wright’s victory will have the cryptocurrency community looking to him to prove that he is the creator of bitcoin, as he promised during the trial, the ap reported. this would help lend credence to wright’s claim that he is nakamoto, originally made in 2016.

wright and other cryptocurrency experts testified that wright owns all 1.1 million bitcoins.

for more reports from the associated press, see below.

Bitcoin’s origins have always been a bit of a mystery, which is why this lawsuit has drawn so much attention from outsiders. In October 2008, during the height of the financial crisis, a person named “Satoshi Nakamoto” published a document that established a framework for a digital currency that would not be tied to any legal or sovereign authority. mining of the coin, which involves computers solving mathematical equations, began a few months later.

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The name nakamoto, roughly translated from Japanese to mean “in the center of,” was never considered to be the real name of the creator of bitcoin. Some in the cryptocurrency community don’t even believe that Nakamoto was a single individual.

wright’s claim that he is nakamoto has been met with skepticism from a sizable portion of the cryptocurrency community. Due to its structure, all bitcoin transactions are public and the 1.1 million bitcoins in question have remained untouched since their creation. Wright has been regularly asked by members of the bitcoin community to move just a fraction of the coins to a separate account to prove ownership and prove that he really is as rich as he claims.

david kleiman died in april 2013 at the age of 46. Led by Ella’s brother Ira Kleiman, Ella’s family has claimed that David Kleiman and Wright were close friends and co-created Bitcoin through a partnership. kleiman’s estate was suing for half of the bitcoins in question, as well as the intellectual property rights.

Lawyers for w&k information defense research llc, the joint venture between the two men, said they were “satisfied” that the jury awarded the $100 million in intellectual property rights to the company, which developed the software that sat down the foundations. for early blockchain and cryptocurrency technologies.

“wright refused to give the kleimans their fair share of what (david kleinman) helped create and instead took those assets for himself,” said vel freedman and kyle roche of roche freedman llp and andrew brenner, a partner at boies schiller flexner, in a joint statement.

lawyers for wright have repeatedly said that david kleiman and wright were friends and collaborated on work together, but their association had nothing to do with the creation or initial operation of bitcoin.

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wright has said he plans to donate much of the bitcoin fortune to charity if he wins the lawsuit. In an interview, Wright’s attorney, Rivero, reconfirmed Wright’s plans to donate much of his fortune in bitcoin.

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