Australia sues over $ 7.4 billion in Bitcoin

An Australian computer scientist who claims to have created bitcoin has launched a lawsuit in the High Court in London against 16 software developers in an attempt to secure bitcoin worth around $ 5.7 billion (7.4 billion dollars). billion dollars) that he claims to own.

In a case that was quickly labeled “bogus” by an accused, Craig Wright is asking developers to allow him to recover around 111,000 bitcoins held at two digital addresses for which he does not have private keys.

In his second trial in London in three weeks, Wright alleges that he lost the encrypted keys when his home computer network was hacked in February 2020. Police are investigating.

Wright, who is carrying the case through his Seychelles-based company Tulip Trading, admits he’s been a controversial figure since he alleged in 2016 that he wrote the bitcoin white paper – which described for the first time the technology behind digital assets – under the pseudonym Satoshi Nakamoto in 2008.

The claim is hotly contested.

The Australian, who is autistic and lives in Britain with his wife and two of his three children, alleges in his latest lawsuit that the developers failed in their obligations to act in the best interests of the rightful owner of traded assets worldwide.

“Our client has always maintained that he created Bitcoin to operate under existing laws and that in the event of loss or theft, where legitimate ownership can be proven, developers have a duty to ensure collection.” , said Paul Ferguson, associate at law. the Ontier firm, which represents Wright.

The case is brought against the developers of four networks – Bitcoin Satoshi Vision, Bitcoin Core, Bitcoin Cash and Bitcoin Cash ABC – at addresses in mainland Europe, the United States, New Zealand, Australia and Japan, a showed a court record seen by Reuters. .

One of the defendants, Peter Todd, said he and others were not involved in the day-to-day development of the network, that Wright had not proven his ownership and that bitcoin should not be the subject of ‘an “arbitrary seizure”.

“As this specific case shows, if we allow people to be seized and reassigned parts by court order, it puts your parts in danger of being stolen by abuses of these fallible processes,” he said. declared by email.

Bitcoin, which hit a record high of nearly $ 65,000 in April, was trading at $ 56,749 on Wednesday afternoon.


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