{"id":183068,"date":"2021-02-26T01:00:25","date_gmt":"2021-02-26T01:00:25","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=183068"},"modified":"2021-02-25T22:19:11","modified_gmt":"2021-02-25T22:19:11","slug":"craig-wright-demands-that-bitcoin-developers-return-him-5-billion-in-btc","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/craig-wright-demands-that-bitcoin-developers-return-him-5-billion-in-btc\/","title":{"rendered":"Craig Wright demands that \u2018Bitcoin developers\u2019 return him $5 billion in BTC"},"content":{"rendered":"

Litigation law firm Ontier LLP has initiated legal action on behalf of self-proclaimed Bitcoin (BTC) creator Craig Wright to recover \u00a33.5 billion (roughly $4.95 billion) worth of BTC, according to a document<\/a> published yesterday.<\/p>\n

Essentially, the firm demands that \u201cdevelopers for BTC, BCH, BCH ABC and BSV\u201d enable Craig Wright\u2019s company Tulip Trading Limited (TTL) to \u201cregain access to and control of its Bitcoin on the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law.\u201d<\/p>\n

The lawyers allege that Wright\u2019s personal computer was hacked in February 2020, resulting in the theft of two private crypto keys that ostensibly belonged to him.<\/p>\n

“In February 2020, Dr Wright\u2019s personal computer was hacked by persons unknown and encrypted private keys to two addresses, which hold substantial quantities of Bitcoin belonging to TTL, were stolen,\u201d Ontier claimed, adding, \u201cThese assets were, and continue to be, owned by TTL.\u201d<\/p><\/blockquote>\n

“Significant implications” for Bitcoin<\/h2>\n

As such, the lawyers argued, developers of Bitcoin, Bitcoin Cash, Bitcoin Cash ABC, and Bitcoin SV must do their best to return the ostensibly stolen funds as \u201ca result of the high level of power and control they hold over their respective blockchains.\u201d<\/p>\n

Ironically, Wright is an outspoken proponent of Bitcoin SV and promotes the idea that it is the \u201creal\u201d Bitcoin\u2014but it didn\u2019t stop his lawyers from coming after BSV developers as well.<\/p>\n

Ontier also asserted that this \u201cclaim will have significant implications for other users and the way Bitcoin operates.\u201d<\/p>\n

\u201cWe assert there are identifiable legal obligations attributable to those who develop and control Bitcoin. As a victim of theft of some serious magnitude, Tulip Trading is seeking recovery of its access to and control of its digital assets from those in a position to remedy its loss,\u201d said Paul Ferguson, a partner at Ontier LLP.<\/p><\/blockquote>\n

He also argued that \u201cthe fact that someone has stolen Tulip Trading\u2019s digitally-held private Bitcoin keys does not prevent developers from deploying code to enable the rightful owner to regain control of its bitcoin.\u201d<\/p>\n

However, it is not entirely clear how exactly the lawyers suggest that Bitcoin developers return the coins that were allegedly stolen from Wright. Especially considering that Bitcoin\u2019s code is open-source and there aren\u2019t any \u201cofficial\u201d developers since literally anyone can submit their own proposals\u2014which then may or may not be implemented based on the community\u2019s consensus.<\/p>\n

Wright\u2019s legal saga continues<\/h2>\n

Meanwhile, members of the crypto community are not too happy with Wright\u2019s latest effort\u2014although it wouldn\u2019t be the first time. For example, Cobra, a pseudonymous maintainer of bitcoin.org, asserted that this is a well-planned and \u201cvery serious\u201d legal attack on Bitcoin developers.<\/p>\n

\u201cCraig Wright is now suing Bitcoin's developers. He's wanting access to coins he alleges were stolen from him. Unlike the whitepaper stuff, this seems like a well planned and very serious legal attack,\u201d said Cobra.<\/p><\/blockquote>\n

\u201cFuck any exchange that continues to list BSV,\u201d he added.<\/p>\n

\n

Craig Wright is now suing Bitcoin's developers. He's wanting access to coins he alleges were stolen from him.<\/p>\n

Unlike the whitepaper stuff, this seems like a well planned and very serious legal attack.<\/p>\n

Fuck any exchange that continues to list BSV. pic.twitter.com\/stZVGNS6tb<\/a><\/p>\n

— C\u00f8bra (@CobraBitcoin) February 24, 2021<\/a><\/p><\/blockquote>\n