Craig Wright

Self-Proclaimed Bitcoin Creator Being Sued for $10 Billion

Craig Wright, the man who once claimed to be Satoshi Nakamoto, is being sued for $ 10 billion (roughly R 115 billion).The gargantuan lawsuit was filed by the late Dave Kleinman’s estate.


The complaint, dated 14 February, alleges that Mr. Wright stole 1 million BTC from Kleinman. Filed by Boies Schiller Flexner LLP on behalf of Ira Kleinman(brother of the deceased). Claims that both Mr. Wright and Mr. Kleinman were involved in the development of Bitcoin, without stating that either one of the two is Satoshi.The document does, however, state that the pair mined 1.1 million BTC via W&K Info Defense Research LLC. The company was formed by Kleinman, but it’s unclear whether it was wholly owned by the deceased or held in partnership with Mr. Wright or Mr. Nakamoto or whoever he says he is.


The late Kleinman did not tell his family much about his involvement in Bitcoin, and after his death in 2013, it is alleged that Mr. Wright forged and backdated contracts that signed over all the BTC from W&K to himself.The allegations go on to say that Mr. Wright himself told Ira Kleinman that, the deceased signed over these assets for shares supposedly worth millions. Very interesting is that the company went bankrupt soon after.


On the back of these allegations, the plaintiff has asked the courts to force Mr. Wright to repay the funds. Which could be anything from 550,055.5 to 1,100,111 BTC depending on the ownership structure of W&K.

Bitcoin Exchange CEX.IO


Rounded up, the money that Mr. Wright is being sued for amounted to more than $ 10.2 billion. To add to Mr. Wright’s list of potential problems are the two biggest Bitcoin forks, Bitcoin Cash and Bitcoin Gold. Together they add another $1.5 billion(roughly R 17 billion). The outcome of this court battle will be very important for the crypto community as it could help solidify altcoins as legal tender or at the very least legitimate assets. It could also shed light on the origin of Bitcoin.

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Joel Bonga

Joel is a believer in the potential of blockchain technology and finds crypto trading quite exciting. He is also a cofounder of Existence Digital, a technology distribution company.

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