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

Namrata Shukla

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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

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

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'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





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