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Bitcoin Developers Counter Craig Wright’s Multi-Billion Dollar Bitcoin Assertion

Aug 22, 2023 at 05:05 am

A fresh legal document filed by a group of Bitcoin developers asserts that Craig Wright's company, Tulip Trading, did not possess ownership of the over 100,000 bitcoins it sought to reclaim with their assistance.

A recent court filing on Monday revealed that a consortium of Bitcoin developers is grappling with a lawsuit in the UK, accused of wrongly rejecting Craig Wright's crypto company's request to recover billions of dollars' worth of bitcoin purportedly lost due to a hack.

Lawyers representing these 12 developers presented their case in the UK High Court, arguing that the company Tulip Trading had never truly possessed the 111,000 bitcoins it was attempting to lay claim to. The developers contend that the company, using possibly manipulated documents, attempted to establish ownership of these tokens and gain control of the funds through fraudulent means. The Bitcoin Legal Defense Fund, a group backed by influential figures like Jack Dorsey, the founder of Twitter (now X), Bluesky, and Block (formerly Square), made this court filing available.

According to the lawyers representing the developers, Tulip Trading's alleged ownership of the digital assets is unsubstantiated, and they have initiated this claim in a fraudulent manner by relying on fabricated documents. These legal representatives further state that Craig Wright, who claims to be the original creator of Bitcoin, has a history marked by dishonesty, fraud, and forgery, and is using the English courts as a tool for deceptive purposes.

The developers also claim that there is no concrete evidence indicating that Wright or his company ever held ownership of the wallets containing the bitcoin in question.

These allegations have arisen subsequent to Wright's 2021 lawsuit against the developers, in which he accused them of refusing to integrate a backdoor mechanism into a Bitcoin-based software. This mechanism would have enabled Tulip Trading to regain control of the cryptocurrency it purports to have lost. Wright's legal team contended that the developers breached their "fiduciary duty" by refusing to assist Tulip Trading.

As of now, there is no immediate response from Craig Wright in regard to Bitsday request for comment.

Wright has a lengthy history of engaging in legal disputes. Just last month, a UK court dismissed his lawsuit against crypto exchanges Coinbase and Kraken, in which he claimed copyright infringement over the use of the term "Bitcoin."

In the past year, Wright also faced a preemptive lawsuit that accused him of lying about being Satoshi Nakamoto, the true identity behind the creation of Bitcoin.

Currently, Wright is entangled in three separate lawsuits spanning Oslo, Norway; London, UK; and Miami, USA.

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