• February 28, 2024

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Craig Wright Loses Lawsuit Against Bitcoin Developers

ByLouis Adams

Mar 28, 2022 #Bitcoin
Reading time: < 1 minute

Craig Wright, the self-proclaimed creator of Bitcoin, has lost a court case in the UK against 16 employees of the Bitcoin Association.

Wright accused the developers of refusing to help his Tulip Trading Companion return the cryptocurrency, allegedly stolen in February 2020 as a result of a hacker attack. According to Craig, the programmers had to release a patch for the Bitcoin blockchain to transfer the stolen digital assets to a new address. He wanted to recover from the defendants a fine in the amount of $ 4.5 billion.

Judge Dame Falk has noted the developers of Bitcoin do not have fiduciary obligations in relation to people who store or trade coins. For this reason, he has refused to satisfy Wright’s claim and found the employees of the Bitcoin Association innocent.

Bird & Bird, partner of the law firm Bird & Bird, has said on the decision:

“The verdict of the court is of great importance for the emerging field of law associated with blockchain and cryptocurrencies. The result of the litigation plays into the hands of developers, as well as the crypto and blockchain industries as a whole.”

Theoretically, Wright can appeal, but he has little chance of getting a guilty verdict against the programmers.