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Bitcoin SV’s Craig Wright denied attempts to dismiss lawsuit; alleged to “seize” billions of dollars worth Bitcoins

Namrata Shukla



Craig Wright, the famous crypto entrepreneur, and Bitcoin SV [BSV] proponent was denied attempts to dismiss a lawsuit against him by the US federal court. The self-proclaimed bitcoin inventor is alleged in plotting
Source: Pixabay

Craig Wright, the famous crypto entrepreneur, and Bitcoin SV [BSV] proponent was denied attempts to dismiss a lawsuit against him by the US federal court. The self-proclaimed bitcoin inventor is alleged in plotting to seize billions of dollars worth bitcoins of a former business partner.

Wright partnered with late Dave Kleiman, a forensic computer investigator, and author. Dave passed away in 2013 after succumbing to MRSA. Dave’s brother, Ira Kleiman has sued Wright on behalf of his brother’s estate.

Wright is being accused of plotting to “seize Dave’s bitcoins and his rights to certain intellectual property associated with the bitcoin technology,” and is trying to get a part of the 1.1 million bitcoins mined by him and Dace, or get “fair market value” along with compensation for Intellectual property infringement.

Wright, who has previously claimed of being Bitcoin’s creator Satoshi Nakamoto, tried to dismiss the case and thus filed a motion in April this year for the same. However, most counts of Wright’s motion have been defined, revealed a document file in Florida.

The order states:

“Here, the Court finds that Plaintiffs have sufficiently alleged a claim for conversion. The Amended Complaint alleges that Defendant converted at least 300,000 bitcoins upon Dave’s death and transferred them to various international trusts, which was an unauthorized act that deprived the Plaintiffs of the bitcoins therein. Accordingly, Plaintiffs’ claim for conversion (Count I) survives Defendant’s Motion to Dismiss.” 

However, in many places within the document, the court states that they are yet to determine the exact number of BTCs involved. The court alleges that it “entitled to at least 300,000 bitcoins, along with their forked assets.”

Wright’s motion did succeed on the claims that count III and IV over misappropriation of “trade secrets” were invalid, as the three-year statute of limitation in Florida had been exceeded, reported Coindesk.

The plaintiffs were aware of Wright’s conduct on April 22, 2014, indicates the order. The order added:

“Even if they did not know the extent of the harm, upon learning of the Defendant’s conduct from the ATO auditor, the Plaintiffs should have discovered the Defendant’s misapplication of the trade secrets through the ‘exercise of reasonable diligence.'” 

The publication also noted that the BSV proponent has time till January 10, 2019, to respond on counts I, II and V-IX.

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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021





Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”

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