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Craig Wright: Unredacted, unsealed court documents show alleged similarity with early BTC addresses




Craig Wright: Unredacted, unsealed court documents show alleged similarity with early BTC addresses
Source: Pixabay

Self-proclaimed Satoshi Nakamoto, Craig Wright’s legal troubles have not ceased. The nChain Chief Scientist’s court battle against the estate of former partner, Dave Kleiman, legislated by a district court in Florida, saw new developments.

According to a previous order by the court, Wright was expected to provide “transactional records” confirming BTC that he owned as of December 2013. The BSV proponent however, stated that to produce these Bitcoin holding records would be “unduly burdensome,” and that it was transferred to a blind trust by 2011.

The order in question had asked Wright to produce these records by 1700 ET on May 15.

Wright, while claiming to be the true creator of Bitcoin, had stated that he created the cryptocurrency with Dave Kleiman, something that could be proven by analyzing the early BTC addresses of the cryptocurrency’s creator.

The redacted list of addresses provided by Wright is of particular interest to the community since, according to the WizSec Bitcoin Security Specialists blog, Wright’s Bitcoin addresses presented to the court were simply ‘a copy-paste job.’ Interestingly, the author of the blog post claimed that the person who tipped him off about the similarity was Greg Maxwell, CTO of Blockstream. The blog read,

“We were chatting and speculating that it sounded like Wright just scraped the blockchain for early block reward beneficiaries and claimed those. Well, we dug a bit deeper and it looks like that guess was correct in the most literal way possible.”

The blog presented an unredacted version of the court order that detailed Wright’s motion, with reference to his surrender of public BTC addresses as on December 2013. According to the unredacted content of the order, Wright claimed that he “mined the earliest blocks on the blockchain.”

The order reportedly stated that the “first 70 blocks on the blockchain,” can be identified by Wright. The document added,

“While he continued mining afterwards, Dr. Wright did not keep track of which Bitcoin blocks he mined. Dr. Wright does not know any of the other Bitcoin public addresses.”

The WizSec blog post added that excluding the Genesis Block, the first 70 block reward addresses “line up perfectly with Wright’s redacted list.” The post stated that “educated guesses” can be made to determine the Bitcoin addresses that are redacted, using matching information and corresponding it with the original text.

Based on the similarity of addresses between the unredacted court documents and the block reward addresses from the early days of Bitcoin, the blog concluded,

“What Wright does provide appears to be just a lazy copy-paste from the blockchain, without any cryptographic signatures to support his claims of ownership.”

Regardless of this document, Craig Wright will have to provide transactional records of the blind trust referencing the transfer of Bitcoin in 2011, by May 15 to the Florida District Court.

Given below are the unredacted court documents,

Source: WizSec

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JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise




JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Source: Pixabay

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:

“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.

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