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Bitcoin SV’s Craig Wright declines to answer certain questions based on ‘national security concerns’ during deposition

Ketaki Dixit

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Source: Pixabay

Dr. Craig Wright, popularly known as Faketoshi for his claims of being the creator of Bitcoin Satoshi Nakamoto, is in the news again for a lawsuit that was filed against him in 2018.

Not surprisingly, a lawsuit worth billions of dollars was filed against Craig Wright. Ira Kleiman sued Wright on behalf of his brother Dave Kleiman, a computer forensics expert and author, who died in 2013, and his estate. Wright was accused of misappropriation of Bitcoins that was based on an alleged 2008 to 2011 partnership made several years ago.

While the attorneys denied the fact that the cryptocurrencies were mined jointly and co-owned by both Wright and Kleiman, Wright’s attorney insisted that Kleiman did not hold the intellectual property rights to Bitcoin or the Bitcoin protocol.

Craig Wright and David Kleiman had formed W&K Info Defense Research LLC, on February 14, 2011. According to the court records, W&K had no operating agreement, and Ira Kleiman, David Kleiman’s brother, claimed that due to the conflicting statements from Craig, they were not sure about the exact ownership structure of W&K.

After David’s death in 2013, the complaint alleged that “Craig unlawfully and without permission took control of the Bitcoins from the Estate and from W&K”. With the private keys, Craig allegedly moved the Bitcoins out of the wallet and claimed ownership of them, while they actually belonged to W&K and/or David. He was also accused of creating a series of fraudulent contracts and documents and using the stolen Bitcoins for making large trades for his Australian businesses and trusts that were only known and controlled by him.

While the actual number of stolen Bitcoins are yet to be revealed, the document states that the estate is entitled to at least 300,000 Bitcoins, along with their forked assets.

To add on, Craig also forged and backdated several contracts to create a fraudulent “paper trail” purporting to show that David transferred Bitcoins and intellectual property, which he later presented to the Australian Taxation Office [ATO], claiming that he had rightfully claimed ownership of David’s Bitcoins.

On April 4, 2019, Craig Wright’s deposition was conducted in London, where both parties contacted the Court through a telephone to resolve the issues that arose during the deposition.

The Court’s orders recorded five rulings:

According to the ruling, Wright denied revealing the number of Bitcoins that were mined during 2009 and 2010 during their “partnership” and was also asked to disclose whether David was aware of the mined Bitcoins.

Additionally, he also declined to answer questions regarding his ex-wife, based on alleged limitations due to the litigation in Australia or his current wife, based on the “marital testimonial and marital communications privileges”.



Lastly, he also declined to answer certain questions that were associated with the alleged national security concerns. Both the parties would be given a chance to provide evidence which would require the United States Government to participate in the objection.

A “discovery status hearing” has been scheduled for April 11, 2019, by the Court, where the parties would be required to “propose a briefing schedule for the issues identified”.





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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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