Who owns bitcoin? Craig Wright is Suing Coinbase and Kraken

There are some doubts in the community as to whether or not Craig Wright is the inventor of bitcoin. But that doesn’t stop the Australian and wannabe-Satoshi-Nakamoto from pursuing intellectual property claims in court. Their Latest Target: Crypto Exchanges coinbase And Octopus,

A year ago, the software developer sat down for technical reasons in trial In which he asserted the copyright claims of the founding document of the crypto world. The court’s decision did not prove that he was the author of the white paper, but now complainant Wright has suffered a major setback. According to his office, he wants coinbase And Octopus Prevent BTC from promoting BTC as bitcoin, for example by using a logo. So the lawsuit is worth hundreds of billions of dollars. Further litigation is already planned.

Is bitcoin different from bitcoin?

The statement that BTC is not bitcoin may be initially confusing and invites philosophical speculation at best. But from the point of view of Wright and his lawyers, things are relatively simple. Because according to the IT developer, today’s BTC was created as an independent project in 2017 itself. At the time, the BTC blockchain separated from Bitcoin Cash in a hard fork, later giving rise to the Bitcoin Satoshi Edition (BSV), a niche currency promoted personally by Wright in 2018. For the 51-year-old posing as Satoshi Nakamoto, however, only this project adheres to the core spirit of the White Paper.

Simply put, the plaintiffs argue that a digital asset that does not strictly comply with the bitcoin protocol and is linked to the bitcoin blockchain is not bitcoin and should not be marketed or labeled as such,

Wright’s attorney, Simon Cohen, explains why. next Other crypto exchanges was about Octopus Already removed BSV from its platform in 2019. The move came in response to warnings that Wright was using to substantiate his paternity claim on BTC.

Is Satoshi Right?

However, the question of whether Craig Wright is actually the inventor of bitcoin and the author of the corresponding white paper has yet to be answered satisfactorily. The community uncovered an alleged proof from 2016 as a technically adept fake.

However, Wright was able to in a lawsuit with the heirs of his former business partner David Kleiman. partially applied, The heirs claimed that Kleiman was involved in the invention of BTC along with Wright. He demanded half the coins from the multi-billion dollar wallet, which contains the first bitcoin blocks mined and therefore assigned to Satoshi.

If Wright lost the case, he would eventually have to prove through transactions with this wallet that he was indeed the inventor of the cryptocurrency – or not. Either way, the court fined him $100 million for intellectual property theft. However, Wright did not increase the amount, so in March the court awarded him an heavy penalty rate, For alleged crypto billionaire Wright, these are definitely just peanuts.