Self-Proclaimed Satoshi Craig Wright to Give Half of His Bitcoin Fortune to Kleiman Estate

Libra Coin News
Tue, 08/27/2019 - 06:35
Alex Dovbnya
The long-lasting trial that involves the self-proclaimed Satoshi is inching closer to its end
Cover image via www.123rf.com
Contents

Craig Wright has lost a court battle to the Kleiman estate. This was first brought to light by a Twitterati who was present at the court hearing.

This is undeniably bad news for Bitcoin SV, but what does it mean for Bitcoin?

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A major blow to Wright

According to a ruling by a Florida federal court, the nChain chief scientist will have to give away a whopping 50 percent of its Bitcoins that were mined before 2014 (prior to the death of cryptocurrency developer Dave Kleiman).

The same pertains to intellectual property (IP) that was allegedly stolen from Kleiman.

This legal snub doesn't mean that the has already lost the war given that he is still able to appeal the ruling.

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A double-edged sword

While Bitcoin SV naysayers certainly had a field day, it's proponents point out that the Bitcoin Core proponents might want Wright to win this case.

The thing is, the Kleiman estate will most likely sell their newly-acquired Bitcoin fortune right away, which might tank the price of Bitcoin.

Wright allegedly pilfered 1.1 mln BTC from Kleiman, which prompted his estate to sue the self-proclaimed Bitcoin inventor.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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