Craig Wright Goes On Trial Over Millions In Bitcoin Allegedly Stolen

Craig Wright Goes On Trial Over Millions In Bitcoin

The London Court of Appeal has ruled that Craig Wright’s case against Bitcoin developers can go to trial. Wright alleges that his company, Tulip Trading, lost 111,000 bitcoins (currently worth $2.4 billion) to hackers who stole his private keys.

Craig Wright argues that Bitcoin promoters have an obligation to help asset owners recover those funds. The case had previously been dismissed by a lower court, however, the Court of Appeals vacated that dismissal, giving Wright the opportunity to pursue his case before a jury.

Judge Colin Birss reasoned that Bitcoin developers might be required to “introduce code so that an owner’s bitcoin can be transferred securely.” A jury will decide if the developers have such an obligation.

Satoshi or Faketoshi?

Craig Wright claims to be the creator of Bitcoin, Satoshi Nakamoto, but most of the Bitcoin community considers Wright an impostor, dubbing him Faketoshi.

Wright submitted false documents in a US court proceeding. Bruce Reinhart, a US trial judge, once said, “I have previously noted that Dr. Wright gave perjured testimony in my presence.” Reinhart also wrote: “I place no weight on Dr. Wright’s affidavits that further his interests but have not been rebutted by cross-examination.”

His current lawsuit in London lists 15 developers as defendants. If Wright wins the case, the developers could be held liable for the lost or stolen funds.

Some prominent members of the digital asset community, such as Cøbra, the former maintainer of the website, believe that Wright’s argument has innumerable flaws.