Craig Wright, the self-proclaimed "creator" of Bitcoin, has won a legal battle that would enable him to keep a massive stash of the cryptocurrency bitcoin worth billions of dollars.
Craig Wright, the self-proclaimed "creator" and inventor of crypto, has won a legal battle that would enable him to keep a massive stash of the cryptocurrency worth billions of dollars. Wright will retain ownership of 1.1 million Bitcoin, valued at $54 billion. Still, he will pay a $100 million fine to the family of the late Dave Kleiman, who was killed in a case of intellectual property infringement. Kleiman's relatives brought the legal complaint against Wright, who claimed that Kleiman was the rightful owner of 50% of the assets. The lawsuit was dismissed.
Although the court dismissed the claims of cryptocurrency founder Kleiman's family in its verdict, the court refused to award any bitcoin to Kleiman's estate. The jury in a Miami court found Wright not guilty of all of the charges filed against him by Kleiman's family.
W&K Info Defence Research LLC is a joint venture between Wright and Kleiman. Wright will be compelled to pay compensatory damages due to a violation of intellectual property rights in connection with that enterprise.
According to the BBC, the lawyers for W&K expressed "incredible" satisfaction about the recovery of the $100 million in the intellectual property of the billion coin price, claiming that "Craig unjustly tool bitcoin-related assets" from the firm.
According to the BBC, the court confirmed that Wright, an Australian computer expert, was the inventor of crypto and legal owner of the digital assets in question. Wright said he felt "totally vindicated" after what he described as a "remarkably positive ending."
The court decision received a great deal of interest since it resolved the Bitcoin creator's enigma. In 2008, the digital currency was developed, resulting in a great deal of conjecture over the founder's pseudonym.
As the recovery from the global financial crisis began to take root in the United States, Satoshi Nakamoto, the mysterious figure Craig claims to be, wrote a nine-page white paper outlining his vision. According to CNBC crypto news, following an email exchange with a few coders, Nakamoto "went on to other things" in 2011.
As a result, although the Miami court tacitly acknowledges Wright as the inventor of Bitcoin by awarding his ownership rights to cache cryptocurrency bitcoins valued at $54 billion, there is still no formal recognition that Wright is the genuine Satoshi Nakamoto, as has been claimed by others.
It should be noted that if Wright had lost the lawsuit, he would have been had to pay the whole sum to Kleiman's estate, but the Australian computer expert felt confident in his ability to prevail. Also, he had vowed that he would give the bulk of his bitcoin riches to charity if he were successful in the lawsuit.