Browse By

Self-proclaimed bitcoin inventor (Satoshi Nakamoto) opens a $5.7 billion lawsuit

An Australian computer scientist who claims to be Satoshi Nakamoto himself, the creator of bitcoin (BTC), filed a lawsuit against sixteen software developers in an attempt to recover 111,000 units of the cryptocurrency, which today are worth approximately $5.7 billion.

Self-proclaimed bitcoin inventor (Satoshi Nakamoto) opens a $5.7 billion lawsuit

Self-proclaimed bitcoin inventor (Satoshi Nakamoto) opens a $5.7 billion lawsuit (Image: CoinDesk)

The London High Court agreed to receive the case filed by the law firm Ontier LLP, which represents Craig Wrigh.

The Australian, who is one of the most well-known figures who claim to be the creator of bitcoin, says he has two digital wallets that together store 111,000 BTC. However, he says he has lost the private keys that grant access to his fortune.

His case was immediately labeled a “farce” by the companies listed in the lawsuit. Wrigh demands that the software developers allow him to access his allegedly lost digital wallets so he can recover his fortune.

According to the Australian, he lost the encrypted keys to the blockchain addresses when his home computer network was hacked in February 2020. The police is still investigating the case. Wright filed his lawsuit through his company Tulip Trading, based in the African islands Seychelles.

Wrigh claims to be Satoshi Nakamoto since 2015 and has been denied several times over the years. Today, he is seen as one of the main profiteers who seek the fortune and credits related to the creation of bitcoin. The computer scientist is autistic and lives in Britain with his wife and two of his three children.

“Our client has always claimed that he created bitcoin to operate within existing laws and that, in the event of loss or theft, where legitimate ownership can be proven, developers have a duty to ensure recovery,” said Paul Ferguson, a partner from the law firm Ontier, to Reuters.

Read more:

  • Research: Bitcoin is in the investments of 46 million people in the United States
  • Goldman Sachs executive “retires” after profiting 72x from Dogecoin
  • Dogecoin co-creator returns to Twitter to curse Elon Musk: “He’s a self-absorbed grifter”
  • The lawsuit is against developers of four specific networks: Bitcoin Satoshi Vision (BSV), Bitcoin Core (BTC), Bitcoin Cash (BCH) and Bitcoin Cash ABC (ABC). As much as the case is in the High Court in London, these blockchains operate in Europe, the United States, New Zealand, Australia and Japan.

    According to Peter Todd, one of the representatives of these companies in the lawsuit, Wright cannot prove his ownership of the cryptocurrency and bitcoin should not be subject to “arbitrary seizure”.

    A few weeks ago, Wrigh filed another lawsuit in London’s High Court claiming copyright over the bitcoin “white paper”, a document that describes the technology behind the world’s first cryptocurrency.

    He filed a lawsuit against the operator and publisher of the site, which goes by the pseudonym “Cobra”, claiming again to be Satoshi Nakamoto and, therefore, the white paper of the cryptocurrency would have been written by him. To this day, Wrigh’s lawsuits have not ended well for him. However, what the alleged creator of bitcoin really wants is to be recognized by the courts as Satoshi Nakamoto.

    One thought on “Self-proclaimed bitcoin inventor (Satoshi Nakamoto) opens a $5.7 billion lawsuit”

    1. Pingback: FBI Agent quits after 23 years to go to work at cryptocurrency company - Digest Time
    2. Trackback: FBI Agent quits after 23 years to go to work at cryptocurrency company - Digest Time

    Leave a Reply

    Your email address will not be published. Required fields are marked *