Decentralized currency. Yes, I invented it.
I’m sure many governments wish they had prevented it
Their national cash is how they keep control,
But freedom to the people was my ultimate goal.
Am I a pseudonym? A group of men? It doesn’t even matter.
I invented Bitcoin cause fiat is a disaster.
A man from Japan or a damn hologram?
I’m the reason open season on crypto began.
Does anybody know what this crypto-thing means?
To me, sounds like the new Get Broke Quick scheme,
A bunch of fools from across the land
Investing in something they don’t even understand,
Buying Litecoin, Dash, Bitcoin Cash,
It’s all gonna crash, and be gone in a flash.
All this unsupported money’s an irrational prank,
And I’ll be laughing all the way to my National Bank.
Craig Wright is an Australian computer engineer who has claimed the identity of Satoshi Nakamoto, pseudonymous inventor of the cryptocurrency Bitcoin. Now, The Guardian reports that a judge in Florida has ordered him to pay a full half of all the bitcoins he earned between 2009 and 2013 to the estate of the late David Kleiman, who Wright has said was his partner before his death, as well as half of the value of his intellectual property from the time of Kleiman’s death in 2013.
The court hasn’t yet made a determination of exactly how many bitcoins Wright has, but the Nakamoto identity’s bitcoin wallet would be valued at almost $10.5 billion as of this writing. That means that he would have to pay more than $5 billion worth of bitcoins to the Wright estate.
Dan Kitwood/Getty Images
You can probably already gather that this is a pretty complicated case, and in fact the court ruling isn’t a clear cut victory for Kleiman’s estate. That’s because despite Wright’s claim to be Nakamoto, he also says he can’t access the billions worth of bitcoins that are the digital property of that identity. He reportedly explained in court that after a crisis of conscience regarding Bitcoin’s use in illegal activities in 2011, he locked the bitcoin behind an encryption that was then placed in a blind trust. The encrypted key was, Wright says, given to Kleiman, who then cut it up and distributed it to several other people. According to Wright, the complete key won’t be delivered to him until sometime early next year, when a bonded courier is slated to place it in his hands.
If that sounds more like a spy novel than real life to you, you’re in agreement with the presiding Judge Bruce Reinhart, who reportedly said the story was “inconceivable.” He went on:
“During his testimony, Dr. Wright’s demeanor did not impress me as someone who was telling the truth…When it was favorable to him, Dr. Wright appeared to have an excellent memory and a scrupulous attention to detail. Otherwise, Dr. Wright was belligerent and evasive.”
Now, the case of the missing bitcoins will probably take quite a while to get totally straightened out.
Craig Wright – the self-proclaimed Satoshi Nakamoto – is preparing to appeal the court ruling, which ordered him to give 500,000 BTC to the family of his deceased partner. The plaintiff doubts that the court had sufficient authority for such a decision.
Craig Wright dodges paying 500,000 BTC
Craig Wright’s lawyer, Andrea Rivera, has filed a petition with the United States District Court for the Florida. He asks for a 14-day delay in appealing the decision of Bruce Reinhart Magistrate, who ordered Wright to pay 500,000 BTC in favor of the family of his deceased partner, Dave Kleiman.
Wright’s representative claims that the magistrate has exceeded his authority, which means that his decisions have no legal force. The Wright team needs 14 days to gather evidence of their innocence.
Interesting in the section: White Paper, as source of Bitcoin
- The deadline for appealing the decisions of the magistrate was to expire on September 10, 2019. If the court approves Wright’s petition, the deadline will shift to September 24th
- Kleiman`s brother sued Wright in 2018, claiming that Satoshi Nakamoto stole 500,000,000 BTC from his relative
- On August 26, the magistrate granted Kleiman’s lawsuit and ordered Wright to transfer bitcoin to him. At September 3 prices, this is more than $5.2 billion.
- After the decision, Wright gave an interview to Modern Consensus, in which he stated that “he has no other choice but to enforce the court’s decision”
- Craig Wright claims to be Satoshi Nakamoto, who created bitcoin. He has not yet submitted conclusive evidence to his statements
Editor: Godfrid Brower
Dr. Craig Wright, the self-proclaimed Bitcoin inventor, has been ordered to surrender half of his cryptocurrency assets.
The ruling, which came from a Florida judge earlier this week would be run-of-the-mill. That is, if we weren’t talking about billions of dollars and the potential unmasking of Satoshi Nakamoto.
Who Is Satoshi Nakamoto?
Satoshi Nakamoto is the name attached to the Bitcoin whitepaper that launched the cryptocurrency in 2009. However, the name is a pseudonym and the real creator’s true identity has remained a mystery.
Naturally, people have been out to solve that mystery but have encountered nothing but dead ends. Some people claim to be him, others claim to know him. In 2015, WIRED magazine proposed to have found him.
Who Is Craig Wright?
Dr. Wright, according to WIRED, had been potentially outed by a dark web hunt. The search revealed deleted emails and blog posts attributed to Wright referencing elements of Bitcoin before it launched.
The following year, the Australian publicly claimed to be Nakamoto to major news publications and magazines. He still identifies himself as Nakamoto on his personal blog. That is, despite the fact that the evidence that he provided to the BBC and others was later found to be fraudulent.
That brings us to this week. The order to hand over his crypto wasn’t part of a crypto case, but rather an estate case. The ruling, reported by The Sydney Morning Herald, says that AU$5.9b belongs to the estate of Wright’s late partner.
Wright could still argue the case in court and potentially avoid handing over the crypto. However, this might play into his hands. His representative said that if he hands over the coins it might help prove that he is the real Satoshi Nakamoto.
Why the Case Is Significant
For the cryptocurrency community, this could play out in a number of ways.
Many might be intrigued to know who the real Satoshi Nakamoto is. However, some Bitcoin zealots are not likely to accept anyone as the real creator.
What’s more intriguing is what might happen to crypto markets if that many coins were returned into circulation. If Wright has access to them – which he claims he doesn’t – they’re just sitting somewhere. “Sitting somewhere,” is what they’ll be doing if he’s not the real Nakamoto and can’t access the coins. That is to say, he claims to both be Nakamoto and to not have access to the coins. Some say those things don’t go together.
Supposing he does hand over the coins, everything falls into the hands of his late partner’s estate. The estate could HODL the coins and everything would continue on. However, if they cash in their chips, it could flood the market and drop the value. At least, temporarily.
This is definitely a story to follow. It could play out in a number of ways and what happens next could change Bitcoin forever.
Jon Jaehnig is an American freelance writer specializing in Technology and Health. Jon has degrees in Scientific and Technical Communication and Journalism from Michigan Technological University and lives in Michigan’s Upper Peninsula with his wife and cat. For more from Jon, you can follow him on LinkedIn and Twitter.
The year long battle between the two supposed brains behind the world largest cryptocurrency, Bitcoin(BTC)trade, might have reached its end already. The presiding judge Judge Bruce E. Reinhart, on Tuesday, gave his final ruling on the case, compelling the self-proclaimed Bitcoin founder Craig Wright to give up half of his Bitcoin wealth to his late partner’s estate, David Kleiman.
You will recall that the court already found Wright’s testimony as unreliable following a series of inconsistent evidence and testimonies. I guess it is a no brainer declaring David Kleiman’s estate the winner of the case. According to the judge’s ruling, Mr. Wright will give up half of all his wealth before December 2013, seeing that his partner died in 2013.
In addition to that, the Australian scientist will have to give up half of his intellectual properties before the end of the year 2013. Should his story of being the inventor of Bitcoin turn out true then the court ruling automatically makes Kleiman a part of the Nakamoto pseudonym.
Filed about a year ago, the estate of late David Kleiman believes that the self-proclaimed Bitcoin inventor must have defrauded them of over a million Bitcoins that rightly belong to David Kleiman due to his partnership with Mr. Wright before his death.
Although Mr. Wright has contested the claim from the beginning, he has failed to produce a convincing evidence that his claims are right. In fact, Judge Beth Bloom of the Florida federal court found him ‘not credible’ after several inconsistencies in his testimonies and documents.
While that may mean that his stand in the case is false, it fails to tell exactly if he is the real founder of Bitcoin or by any means related to the pseudonym.
Who Is Satoshi?
From the onset of the case, the people of the crypto sphere and other members of the public have been of hope that the case may finally reveal whether or not Mr. Wright is the Nakamoto we all seek or, as it is much more probable, there is another out there. So far, the court is yet to determine the credibility of the statement.
From the look of things, however, it is pointing to the direction that Wright is most likely not the real Satoshi in spite of his dogged persistence to prove otherwise. But that is not a fact yet. That is a puzzle we will have to wait to uncover with time.
In the meantime, the elusive myth of Satoshi Nakamoto will continue to grow.