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Market News Bitcoin developers have launched a lawsuit against self-proclaimed Bitcoin creator Craig Wright

Bitcoin developers have launched a lawsuit against self-proclaimed Bitcoin creator Craig Wright

The Bitcoin developers have initiated legal proceedings against Craig Wright, who has identified himself as the creator of BTC

TOP1 Markets Analyst

2023-08-23

6607

Bitcoin developers responded to a lawsuit filed by self-proclaimed Bitcoin founder Craig Wright, also known as "faketoshi."

The Bitcoin Legal Defense Fund (BLDF) filed a preliminary issue application with the UK High Court against Wright's firm Tulip Trading on August 21. The company in issue sued 12 Bitcoin developers in an attempt to force them to include a backdoor in the Bitcoin software that would allow it to access 111,000 BTC (almost $2,9 billion) that it claimed was stolen in a breach.

The Bitcoin Developers Legal Defense Fund (BDLF) is a non-profit foundation that supposedly assists Bitcoin developers and protects the Bitcoin (BTC) ecosystem by giving legal guidance, developing lawsuit strategy, and paying legal fees. The group's initial activity was to coordinate the defense of a dozen Bitcoin developers who had been sued by Wright's Tulip Trading Ltd. Among the foundation's members are Twitter (now X) and Block founder Jack Dorsey.

Wright's organization maintains that the developers have a fiduciary obligation to implement the backdoor — which would also undermine most of the network's decentralization and security — in order for Tulip Trading to gain control of the purportedly lost assets.

The coins in question are held on two addresses, 12ib7 and 1FeeX, and there is no evidence that Wright ever controlled any of those addresses, according to BLDF. Furthermore, the latter address is linked to the 2014 Mt. Gox exchange breach.

If the court agrees with BDLF's claim, Wright and his company will be asked to present proof that he held the allegedly stolen 111,000 BTC.

The preliminary issue now requires the judge to ascertain whether Wright ever held the assets in question before deciding whether the developers owe a fiduciary duty to network participants. The latter decision would have far-reaching ramifications.

If developers are judged to have a fiduciary duty, they must write an update to the Bitcoin software that includes a backdoor that allows the undoing of transactions associated with criminal acts.

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