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Miami jury supports Craig Wright and claims Bitcoin inventor

The Bitcoin logo will appear on the Bitcoin ATM screen in Los Angeles, CA on November 10, 2021.

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The man who claimed to be the inventor of Bitcoin won a major US lawsuit, eliminating the need to pay tens of billions of dollars in cryptocurrencies to his former business partners.

In a 2016 blog post, Australian computer scientist Craig Wright suggested that he was Satoshi Nakamoto, a pseudonym used by those who developed Bitcoin. Many in the crypto community are skeptical of Wright’s claims. This is partly due to the fact that he did not move the early Bitcoin, which is presumed to have been mined by Satoshi.

On Monday, Wright won a civil lawsuit in Miami that fought him against the family of his deceased business partner and computer forensic expert, David Clayman. At stake was half of Satoshi’s mined and held 1.1 million Bitcoins, which is now worth about $ 54 billion in cash. Real estate also claimed rights to some of the intellectual property behind early blockchain technology.

Prosecutors claimed that Clayman, along with Wright, was a co-creator of Bitcoin and gave him half of Satoshi’s potential fortune. A federal jury in West Palm Beach supported Wright and refused to give Bitcoin to Clayman’s property.

However, Wright was ordered to pay $ 100 million in compensatory damages for infringement of intellectual property rights related to W & K Info Defense Research LLC, a joint venture between the two men. The money goes directly to W & K, not to Kleiman’s real estate.

“This is a very good result and I feel it is fully proven.” Wright said in a video posted on Twitter Immediately after the verdict.

The mystery of Satoshi Nakamoto

The mystery surrounding the creation of Bitcoin is a big part of why this South Florida civil lawsuit has received so much attention.

In 2008, Satoshi Nakamoto published nine pages, just as the financial crisis broke out in the United States. A white paper detailing Bitcoin’s vision — a “peer-to-peer electronic cash system” that works out of the reach of the government.

A few months later, Nakamoto released software that allowed users to mine cryptocurrencies.

Cryptocurrency mining is a computationally intensive process in which new tokens are created and existing digital coin transactions are validated. In the early days of Bitcoin, it was possible to mine it on a home PC. At that time, earning blocks earned you a reward of 50 Bitcoins. Today, this process requires special equipment, mostly done on a large scale by professionals, and thanks to the anti-inflation measures built into the code, block rewards drop to 6.25 Bitcoin.

Nakamoto, who could be alone or a consortium of coders, stayed in the field until 2011, and in 2011 he suddenly quit the project after sending an email to a fellow developer saying “I’ve moved on to something else.” Before disappearing, the mysterious creator is believed to have mined 1.1 million Bitcoins.

If Wright lost the case, he would have had to create a coin Satoshi cash to pay the property. But Wright said that if he could win the trial, he would prove his ownership. He also promised to donate much of Bitcoin’s fortune to charity to prove his victory.



https://www.cnbc.com/2021/12/06/miami-jury-rules-in-favor-of-craig-wright-bitcoin-claimed-inventor.html Miami jury supports Craig Wright and claims Bitcoin inventor

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