Sunday, March 26, 2023
HomeNewsCraig Wright Loses Out, Expected to Turn Over 50% of Bitcoin

Craig Wright Loses Out, Expected to Turn Over 50% of Bitcoin

Regarding the ongoing Kleiman V. Wright case that has been in court for quite a minute, a judge has now ruled against Craig Wright. Per the ruling, the Bitcoin SV creator now has to surrender more than half of all the Bitcoin he currently holds, as well as intellectual property.

The recommendation by Magistrate Judge Bruce Reinhart, signifies a potential end to the trial and specifies that 50 percent of all intellectual property and 50 percent of all Bitcoin held by Wright before Dec. 31, 2013, must be turned over. The ruling states that Wright will have no access to a jury trial and will not be able to resist the order. However, Wright is fully allowed to appeal the ruling and it is expected that he would be doing so.

Judge Reinhart found Wright to be hardly convincing and it would seem that Wright also falsified several documents he tendered in the course of the case. Also, it’s unclear and not yet confirmed that Craig Wright is the real creator of Bitcoin, Satoshi Nakamoto, as claimed by him.

Last year, Ira Kleiman, who is a brother to Wright’s former partner, Dave Kleiman, accused Wright of illegally holding on to Bitcoin supposedly owned by both Craig and Dave. Ira sued for $10 billion.

Before the ruling becomes binding, it will have to be corroborated by Beth Bloom, the district judge. This is part of what might be a series of legal proceedings that still need to be properly handled, before Wright has to turn over the Bitcoin and intellectual property.

Image Credits: Stock Photo Secrets


Most Popular