Fake Satoshi Craig Wright Loses Trial to Bitcoin Association Developers

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Self-proclaimed Bitcoin creator Craig Wright has lost a UK lawsuit against 16 members of the Bitcoin Association.

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

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Judge Dame Falk noted that the developers of bitcoin have no fiduciary obligations towards people who store or trade coins. For this reason, he refused to satisfy Wright’s claim and found the employees of the Bitcoin Association innocent.

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The court’s verdict is of great importance for the emerging field of law related to blockchain and cryptocurrencies. The result of the lawsuit plays into the hands of developers, as well as the crypto and blockchain industry as a whole,” Sophie Eyre, partner at Bird & Bird law firm, commented on the court ruling.

In theory, Wright could appeal, but he has little chance of getting a guilty verdict against the programmers. After the end of the trial, Craig and his lawyer, Calvin Eyre, did not come forward with appeals, so, most likely, “Fake Satoshi” resigned himself to losing the legal battle.

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Source: Cryptocurrency

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