We all know the story of Bitcoin, a cryptocurrency that made headlines in 2017 after its price surged to a record high. Despite it’s meteoric rise, the creator of this cryptocurrency has been unknown until recently. Craig Wright claims to be the founder of Bitcoin and has been awarded $54 billion in Australian courts.
It is not yet clear how Wright will use the BTC or what this means for Bitcoin’s future. The cryptocurrency has been an increasingly popular investment since it first appeared online.
Bitcoin Billionaire Wins Florida Jury Trial
According to news reports, a computer scientist who has claimed to be the inventor of bitcoin won a Florida jury trial on Monday over whether a former business partner’s estate deserved half of the bitcoin cache that is now worth $54 billion.
Craig Wright was cleared on nearly all counts in the dispute, including that half of the 1.1 million bitcoin in question belonged to Dave Kleiman’s family, the former partner and expert in computer forensics.
W&K Information Defense Research LLC, a joint venture between the men, was awarded $100 million in intellectual property rights even though Wright was found not liable for fraud. The trial began on Nov. 1.
Wright said in a video message that the outcome was remarkable and that he felt vindicated. “There are still more fights. We are going to make everything change: cryptocurrency to digital cash the way it’s meant to be.”
The court papers state that the 1.1 million bitcoins were mined by Satoshi Nakamoto, whose white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” described a framework for what would become bitcoin in October 2008.
Wright claimed in 2016 that he was Nakamoto, which was a pseudonym. The claim has been disputed.
Klaiman’s family argued that he and Wright were friends and business partners, but that Wright stole the bitcoin from them.
Attorneys representing W&K and Kleiman’s estate said they were “extremely pleased” with the jury’s decision and that it will help give the Kleimans “their fair share of what Dave created.”
Dave Kleiman died in April 2013.
Wright, who was born in Australia and later moved to London, sued 16 software developers in May to secure 111,000 bitcoin now worth about $5.4 billion he claimed he owned.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
