Craig Wright Wants His $2.5 Billion, Demanding For a Bitcoin Hard Fork

Dalmas Ngetich

1 year ago

3 mins read

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Judge Colin Birss of the London Court of Appeal on Friday, February 3, ruled that Craig Wright’s lawsuit against 14 Bitcoin developers has what it takes to go to trial.

Craig Wright: Free My Bitcoin

Craig Wright, through Tulip Trading, claims to be Satoshi Nakamoto, the founder of Bitcoin. He is suing 14 developers, seeking to recover 111,000 BTC.

The haul is estimated to be worth around $2.5 billion at spot rates. However, the figure could be higher if BTC continues rallying.

Bitcoin Price on February 4| Source: BTCUSDT on TradingView

In a lawsuit, Craig said he lost the private keys of his wallet after his home computer was hacked. Therefore, he can’t recover coins. Even so, through his company, Tulip Trading, Craig asserts that developers should intervene by introducing code changes for him to gain access.

Unlike ordinary cash transfers, Bitcoin transactions are irreversible once confirmed by special computers called “miners.” Miners are tasked with confirming transactions.

Because there is no third party in the system and all transactions are auto-verified, the sender must sign each transfer, ensuring that they own the wallet.

Behind each signature in a wallet is a private key that verifies ownership. Like in Craig’s case, it is virtually impossible to recover assets without a private key.

Regardless of the amount, coins that a private key cannot prove are considered lost. As it stands, Craig Wright’s 111,000 BTC is technically “lost,” levitating in the Bitcoin digital ether.

Opening A Pandora’s Box

This state of affairs would only change if developers “roll back” the Bitcoin network. For this to happen, miners and interested parties must find a consensus.

Considering Bitcoin’s decentralized nature, any attempt or request for “rollback” would likely be rejected immediately.

In 2019, Binance was hacked for 7,000 BTC. Its CEO, Changpeng Zhao, touted the idea of a Bitcoin rollback to recover coins. It was rejected.

Although the case was thrown out last year, the Court of Appeal ruling favors the plaintiff.

Precisely, it states that code writers now owe duties to coin owners, who are, in this case, BTC holders, including Craig Wright and Tulip Trading.

This puts pressure on developers of a public network and might discourage participation in the future.

Most open-source code writers behind platforms like Bitcoin, Ethereum, and others were contributors, adding code to make the protocol better, stronger, and faster.

Whether or not this duty holds and open source network developers are responsible to token holders will be determined at full trial.

Feature image from Canva, Chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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