An Australian who says he is the creator of bitcoin was ordered to pay $142 million in damages after a court action – and is claiming victory.
An Australian computer scientist who claims to be the creator of bitcoin has been ordered to pay damages over allegations he defrauded a deceased business partner of intellectual property for the cryptocurrency.
And he is thrilled about it.
This is because if he is who he says he is, then Craig Wright has 1.1 million bitcoins and is worth tens of billions of dollars.
In a landmark case, Wright was being prosecuted by the family of deceased computer scientist David Kleiman, who claimed he had created cryptocurrency with a 51-year-old Brisbane man under the pseudonym Satoshi Nakamoto.
Kleiman died in 2013, but his family was demanding half of the nearly $70 billion bitcoin stash held by Satoshi Nakamoto, according to one Wall Street Journal report,
Wright claimed that he created bitcoin on his own, a controversy that has generated widespread suspicion in the crypto community.
And he claimed victory when a federal court jury in Miami ruled that he was only liable for conversion (the illegal acquisition of property) on Monday.
The court awarded W&K Info Defense Research, a joint venture between the two men, $100 million ($A142 million), far less than what Kleiman’s family sought.
After the verdict, Wright said, “I’ve never felt so relieved in my life.”
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Wright said he felt right and the verdict proved he was the creator of bitcoin.
“The jury has clearly found that I am because otherwise there would have been no award,” he said. “and I am.”
Wright’s lawyer, Andres Rivero, called the verdict “one of the most spectacular victories ever in American litigation.”
“We crushed them,” he said in a phone interview after the verdict. “Their result is less that we’ve ever made a settlement offer to them. It’s a total loss for the other party.”
But Devin Friedman, attorney for the Kleiman estate, praised the decision as “a landmark precedent in the innovative and transformative industry of cryptocurrency and blockchain.”
“Several years ago, Craig Wright told the Kleiman family that he and Dave Kleiman developed revolutionary bitcoin-based intellectual property,” he said in a statement.
“Despite those confessions, Wright refused to give Clemons his fair share of what Dave helped create.”
Wright has said that he plans to donate most of his bitcoin assets to charity if he wants to win the lawsuit. In an interview, Wright’s lawyer Rivero confirmed Wright’s plans to donate most of his bitcoin assets.
Who Really Created Bitcoin?
Bitcoin originated in 2008, when “Nakamoto” published an open-source paper online that introduced a new form of digital currency: one that was designed to be used without the need for a central bank.
Its starting price was less than a penny. Today, the value per coin is over $70,000.
Nakamoto came up with the idea of ”coins” created by solving increasingly complex calculations, which would eventually require extremely powerful computers. The number of bitcoins in circulation will peak after a finite 21 million are mined – unlike traditional currency, which can be mined endlessly.
Nakamoto’s identity has become one of the great mysteries of our time, with everyone from Elon Musk to Swedish video-game developer Willy Lehdonwirta to American computer scientist Nick Szabo tossed as the man behind the myth. Wright, however, is the only person to step in and claim to be actually Satoshi Nakamoto.
According to Coindesk.com, Wright testified as a witness earlier this month, claiming that he wrote the white paper that laid out the inner workings of bitcoin and attributed it to Satoshi Nakamoto.
But there are skeptics who do not believe that Wright is the real Nakamoto.
“He’s lying, full stop,” maintained well-known security researcher Dan Kaminsky via Twitter. “Satoshi signed a transaction in 2009. Wright copied that specific signature and tried to pass it off as new.”
Who is Craig Wright?
Wright grew up in Brisbane, Australia and says he has a PhD in computer science from Charles Stuart University in his home country.
“Craig has Aspergers and he is a little different from most people,” said Calvin Ayre, a venture capitalist who first made his bones with controversial online gambling site Bodog.com and is an investor in Enchain, where, according to Crunchbase, Wright is a founder and chief scientist. “He’s a polymath who sleeps four hours a night and [in his sleep] listens to textbooks at four times the speed.”
In the early 2000s, Wright was working for BDO, an accounting firm in Sydney, Australia, when he was assigned to conduct security audits for a separate online gambling operation. That’s when he met Stephen Matthews, the gambling site’s chief technology officer.
“If he’s having a stressful day and needs to rest, he reads the af-king textbook. He’s different from anyone I know,” Matthews told The Post. There have been dozens of technical certifications for things like testing.”
Shortly after they met, “he talked to me about digital gold and digital cash and he had eight or nine different concepts for him,” said Mathews, formerly CEO of nChain and now president of TAAL Distributed Information Technologies. He remembered.
In 2008, Wright presented Matthews with a flash drive and asked him to download the document, with the hope that he would read it and give his opinion on the work.
“It was a white paper [for Bitcoin, summing up the digital currency] It covers a lot of what we discussed,” Matthews said. “The final, published version, in October 2008, has Satoshi’s name on it. in January 2009 [someone posing as Nakamoto] Bitcoin Code Launched.”
— New York Post. with