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Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC

Craig Wright Suing Bitcoin developers over Stolen BTC

Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting that they retrieve access to BTC stolen from his personal computer worth $5 billion.

Wright is most well known for publicly proclaiming to be Satoshi Nakamoto. Nakamoto of course, is the person behind the Bitcoin network.

The suit was announced by law firm Ontier LLP. The firm oversees Tulip Trading, of which Wright is the owner. In the press release Ontier asserted that it has informed the developers of Bitcoin, Bitcoin Cash, Bitcoin SV, and Bitcoin Cash ABC of the lawsuit.

The lawsuit itself starts with the theft that occurred in February of 2020 as Wright’s personal computer was hacked. Ontier notes, “encrypted private keys to two addresses, which hold substantial quantities of Bitcoin belonging to TTL, were stolen.”

They would continue, “These assets were, and continue to be, owned by TTL. The theft is the subject of an ongoing investigation by the Cyber Crime division of the South East England Regional Organized Crime Unit.”

“TTL is requesting that the developers enable TTL to regain access to and control of its Bitcoin. On the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law. As a result of the high level of power and control they hold over their respective blockchains.”

Wright Had 111,000 BTC Stolen

Craig Wright had 111,000 Bitcoin stolen at the time, which are now worth $3.5 billion. The intention of the controversial lawsuit is to somehow force the developers to return the BTC to its original address.

While Wright doesn’t believe the developers are responsible for the theft, he does believe they can fix the issue. “Our client always intended Bitcoin to operate within existing laws. Notwithstanding the original ethos of independence he envisaged for the digital currency,” Ontier added.

This case could ultimately become a milestone in cryptocurrency theft cases. Should Wright’s lawsuit succeed, others in a similar position could follow suit.

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Corey Hansford CoinChapter
Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

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