Miami jury rules in favor of Craig Wright, who claimed to invent bitcoin

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  • Australian computer scientist Craig Wright prevailed in a civil case in Miami that pitted him against the family of his late business partner and computer forensics expert David Kleiman.
  • Half of the 1.1 million bitcoins both mined and held by Satoshi were at stake, currently about $54 billion in cash.

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A man who claims to be the inventor of bitcoin has recently won a major US court case, saving him from paying tens of billions to a former business partner in the cryptocurrency.

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Australian computer scientist Craig Wright Contained in 2016 blog post That he was Satoshi Nakamoto, a pseudonym used by the person or persons who developed bitcoin. There are many in the crypto community Doubts on Wright’s claim, partly because he has not transferred any of the initial bitcoins mined by Satoshi.

On Monday, Wright won a civil case in Miami that pitted him against the family of his late business partner and computer forensics expert David Kleiman. Of the 1.1 million bitcoin mined and held by Satoshi, half were at stake, currently about $54 billion in cash. The estate also claimed rights to some of the intellectual property behind the early blockchain technology.

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Prosecutors argued that Kleiman was a co-creator of bitcoin with Wright, giving him half of Satoshi’s estimated fortune. A federal jury in West Palm Beach sided with Wright and refused to give away any bitcoins to Kleiman’s assets.

However, Wright was ordered to pay $100 million in compensatory damages over intellectual property rights violations related to W&K Info Defense Research LLC, a joint venture between the two men. That money would go directly to W&K instead of the Kleiman estate.

“It’s been a remarkably good result, and I feel completely right,” Wright said in a video posted on Twitter immediately after the verdict.

Satoshi Nakamoto Mystery

The mystery surrounding the founding of bitcoin is a large part of why this South Florida civil suit attracted so much attention.

In 2008, as the US financial crisis was taking hold, Satoshi Nakamoto published a nine-page White paper Detailing a vision for bitcoin – a “peer-to-peer electronic cash system” that would operate out of reach of governments.

A few months later, Nakamoto released software that allowed users to mine for cryptocurrency.

Mining for cryptocurrencies is a computationally intensive process by which new tokens are created and transactions for existing digital coins are verified. In the early days of bitcoin, it was possible to mine it on a home PC. At the time, winning a block offered a reward of 50 bitcoins. Today, the process requires specialized equipment, mostly done largely by professionals, and thanks to an anti-inflationary measure baked into the code, the block reward is down to 6.25 bitcoins.

Nakamoto, who may have been an individual or a consortium of coders, remained on the scene until 2011, at which point he abruptly left the project after emailing a fellow developer to say that they “moved on to other things.” Huh.” The enigmatic creator is believed to have mined 1.1 million bitcoins before it disappeared.

Had Wright lost the case, he would have had to produce Satoshi Cash of coins to pay off the assets. but right He said he would prove his ownership Were he to win the test. He also promised to donate most of his bitcoin fortune to charity if he came out victorious.

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