Bitcoin

Bitcoin Developers Score Legal Victory Against Craig Wright

bitcoin core developers and former core maintainers will not have to stand trial against craig wright. A UK judge has ruled out that Wright, through a company called tulip trading limited (ttl), lacks grounds to stand trial “on the merits of the claim.”

related reading | florida judge cancels the request for a new trial against craig wright

Reading: New bitcoin court could decide craig

A document filed with the High Court of Justice in England and Wales rejected the claim made by ttl in respect of the alleged theft of a “very substantial amount of digital currency assets”. funds were stored in bitcoin (btc) and its three forks, bch, bsv, and bch abc.

According to the initial complaint, Wright lost control of his currency after one of his computers was allegedly hacked. After this attack, TTL argued, a bad actor seized Wright’s assets by stealing his private keys.

The rejected lawsuit sought to force bitcoin’s core developers, people the lawsuit believed were in “control” of the software behind the coins, to help craig recover allegedly lost funds. they have a responsibility or a “fiduciary duty,” says wright, committed a breach of trust.

See also: Bitcoin soars past 65,000 to hit all-time high

This is one of the most controversial points of the lawsuit. this legal principle could have had dangerous implications for btc developers, but the judge also dismissed this argument.

wright attempted to get the core developers to “take steps to ensure” that his company could regain access to the allegedly stolen private key. furthermore, bitcoin core developers could have been forced to provide “equitable compensation or damages”.

The latter, the complaint argues, could have been imposed because bitcoin developers have the technical skills to “write and deploy a software patch that allows ttl to regain control of the assets.” In other words, Wright wanted the core developers of BTC to change the cryptocurrency’s software to give him “access” to his alleged stolen funds.

born in australia with a computer science degree, wright claims to be satoshi nakamoto, the inventor of bitcoin. according to the lawsuit, he tried to force others to give him control of his allegedly stolen coins. according to a pseudonymous user following the case:

In a motion to dismiss, the court usually interprets the facts favorably to the plaintiff, and here csw simply needed to show that he had a case worth trying, not that he was right. however, the judge concluded that csw’s argument is too ridiculous to be taken seriously.

bitcoin core developers are not responsible for an alleged hack

Also, craig and ttl seem to overlook the fact that bitcoin is a decentralized network. they argued that core developers control btc through “merge commitment” and because they can allegedly remove access to miners and other users.

See also: Crypto Mining Warehouses vs. Crypto Mining at Home | Gemini

of course the core developers of btc could not answer that miners cannot be forced to run the software. therefore, it will be impossible for them to introduce a “patch” to help wright by will or by force.

the same user claims that wright made a “garbage” argument in front of the court. In this phase, the plaintiff usually has an advantage over the defense, since the latter cannot scrutinize the facts or the evidence presented.

regarding the fiduciary duty alleged by wright and ttl, core of the lawsuit, the judge rejected it as follows:

At first glance, it is very difficult to see how ttl’s case for fiduciary duty is seriously moot. Having now given the matter a more detailed consideration, I have come to the conclusion that my initial impression was correct. (…) I cannot conclude that ttl has a realistic prospect of establishing that the alleged facts amount to a breach of the defendants’ fiduciary duty to ttl.

related reading | why self-proclaimed satoshi nakamoto craig wright should pay $100 million in damages

At the time of writing, the btc price is trading at $44,460 with a 1.4% gain in the last 24 hours.

See also: Bitcoin Crashes Below 20,000 For The First Time Since 2020

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button