The self-proclaimed inventor of bitcoin may face a $2.5 billion lawsuit – #selfproclaimed #inventor #bitcoin #face #billion #lawsuit
LONDON, Feb 3 (Reuters) – Self-proclaimed bitcoin creator Craig Wright has filed a lawsuit against the developers of the bitcoin network to try to claw back billions of dollars. court can continue the process, the London court said on Friday.
The ruling paves the way for a trial of whether developers have obligations to owners of digital assets — which a lawyer representing some developers said could pose a major challenge to decentralized finance if Wright prevails.
Australian computer scientist Wright lost about 111,000 bitcoins (currently worth about 2.5 billion dollars) is suing 15 developers to get it.
Wright’s Seychelles-based company, Tulip Trading, is taking legal action against the developers of the three networks, claiming they were forced to write software patches to help Tulip recover bitcoin.
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Lalen’s case was thrown out last year, but the Court of Appeal ruled on Friday that the developers arguably owed the owners a debt that should be determined in a full court.
Judge Colin Birss said Tulip had a real argument that the cryptocurrency was “entrusted” to the network developers, so they could, for example, be obligated to “provide the code to move the owner’s bitcoin to a safe place.”
Wright says it’s the first time 20In 2008, under the pseudonym Satoshi Nakamoto, he wrote a bitcoin white paper describing the technology behind the digital asset, but the claim sparked heated controversy.
In his statement, he expressed his satisfaction with the decision.
Its attorney, Felicity Potter, said the decision was “a step toward a properly regulated and well-managed digital asset ecosystem that will be welcomed by both potential and existing coin holders.”
Representing 13 of the 14 developers who took part in the appeal attorney James Ramsden told Reuters that the coders were “incredibly frustrated” by the case, which could make them liable for large sums of money if Wright wins.
He added that the outcome of any trial would affect “all aspects of (decentralized finance) whether it involves value tokens or NFTs (non-fungible tokens) or the broader blockchain system.”
Reporting by Sam Tobin; Edited by Sharon Singleton
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2023-02-03 23:17:17
Source – reuters
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