A man who claimed to have invented Bitcoin has been found not guilty of defrauding investors in a cryptocurrency scam. The judge ruled that the digital currency, which is alleged to be worth more than $50 billion US, was created by Satoshi Nakamoto-a pseudonym for an unknown individual or group.
A man who claims to have invented Bitcoin won a U.S. trial and was awarded $50B in Bitcoins. The man, Craig Wright, is now the subject of an intense debate about whether he really did invent Bitcoin or not. Read more in detail here: bitcoin price.
Craig Wright, an Australian computer scientist who rose to prominence after claiming to be the inventor of Bitcoin, has recently won a key court fight allowing him to retain $50 billion in Bitcoin.
The Miami jury found in Wright’s favor, preventing him from having to pay half of his Bitcoin stockpile to his former business partner on allegations that Wright betrayed his dead business partner Dave Kleiman.
Craig Wright has won his legal case in the United States.
Wright was involved in a litigation action in Miami that pitted him against the family of his former business partner and computer forensics specialist Dave Kleiman. The prosecution claimed that Kleiman, along with Wright, was a co-founder of Bitcoin and was entitled to half of Satoshi’s rumored riches. The prosecution also claimed ownership of cryptocurrency’s intellectual property.
A total of 1.1 million Bitcoin was on the line, half of which was scheduled to go to Kleiman. These were the initial Bitcoins mined, and they could only be owned by someone who had been intimately associated with the cryptocurrency from its inception.
The federal jury in West Palm Beach, Florida, decided in Wright’s favor, concluding that the 1.1 million Bitcoin owed to Kleiman’s estate is unnecessary. The jury reached this conclusion after weeks of deliberation, scrutinizing the complex operations of the Bitcoin system and its enigmatic genesis.
In a video broadcast on Twitter, Wright stated, “This has been a wonderfully fantastic ending, and I feel entirely vindicated.”
Wright, on the other hand, was ordered by the jury to pay $100 million to W&K Info Defense, a joint business founded by Wright and Kleiman. The funds will be transferred straight into the company’s official account.
“We are overjoyed that our client, W&K Information Defense Research LLC, has been awarded $100,000,000 in recognition of Craig Wright’s wrongdoing in stealing bitcoin-related assets from W&K,” a W&K attorney stated.
Wright has informed the media that he will not seek a further court appeal, signifying the conclusion of a protracted legal struggle that has lasted years.
The first court case
Wright was punished by the estate of Dave Kleiman in 2018, saying that he had broken a business agreement that listed both men as the creators of the cryptocurrency Bitcoin.
The estate also claimed that both men mined over 1 million Bitcoin under the name Satoshi, but that following Klieman’s death in 2013, Wright took advantage of the situation and grabbed the full amount of Bitcoin without providing half to his dead business partner.
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The “blockchain” is a digital ledger that records transactions. The man who claims to have invented Bitcoin, won his U.S. trial and was able to keep the bitcoin he had on hand.
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