Craig Wright Tells Federal Court No Access to $10 Billion Bitcoin Fortune

Written by:
Aaron Goldstein
Published on:

Dr. Craig Wright, who claims to be the real creator of Bitcoin, Satoshi Nakamoto, has told a court he is in unable to access his $10 billion dollar fortune.

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From Yahoo Finance:

Wright is in court to defend himself against the estate of his former business partner Dave Kleiman, which claims that he stole bitcoin that was the property of Kleiman. Wright claimed that Kleiman was responsible for hiding the bitcoin jointly owned by the two men in order to protect Wright's identity as the pseudonymous creator of Bitcoin, Satoshi Nakamoto. According to Wright, "I brought in Dave because he was a friend and he knew who I was and he was a forensic expert, and I wanted to wipe everything I had to do with Bitcoin from the public record."

Kleiman's estate is highly motivated to retrieve the bitcoin, while Wright claims that his family has "enough now" and the missing bitcoin would be "too much money." They claim that Wright forged a significant number of documents following Kleiman's death in 2013 in order to transfer all of the jointly owned bitcoin to him.

Wright is currently the figurehead behind Bitcoin SV (also known as Bitcoin Satoshi Vision). 

Is Wright the real Satoshi?  Jimmy Nguyen claims he is in this G911 podcast above

Both Bitcoin (BTC) and Bitcoin SV have rallied in recent weeks.  Bitcoin SV has risen 129% over the past six months from $44 to $254 while BTC is up 216% from $3337 to a high of $13875 over that same period.  Both coins prices are down slightly during the past three days.

During the court hearing this past week, Wright is reported to have cried on the shoulder of his attorney.  He also became vulgar at one point, even throwing a document. 

Yahoo Finance notes that Wright lamented that his claimed monetary creation was used for illicit activities on Silk Road and elsewhere. As a result, Wright says he stopped mining and working on Bitcoin in 2010.

Americas Cardroom CEO Phil Nagy talks the future of Bitcoin and online poker above

Stephen Palley, a lawyer who comments frequently on the subject of Bitcoin, tweeted that “things are going Kleiman's way” but also noted this hearing has nothing to do with whether Wright is the true creator of Bitcoin.

Litigation is narrative. The narrative frame in the Wright case right now isn't whether he is Satoshi or if Kleiman is entitled to what he claims. It's whether Wright committed contempt and/or should be sanctioned. The hearing yesterday was about his litigation conduct.

Calvin Ayre, a major investor in Bitcoin SV and vocal defender of Wright on Twitter, has had little to say in recent days regarding the Wright/Kleiman hearing.  His support of Bitcoin SV remains unwavering.

Just two days ago Ayre tweeted:

None of the non-scaling platforms compete with original #Bitcoin #BSV....they would need to scale to do this. So they can go up and down in the speculative casino game, but BSV will be the last one standing because it and only it, can do it all.

Last week, while in Colombia for a presentation, that Latin American nation proclaimed Wright the true founder of Bitcoin.  A 60 Minutes piece that aired this spring claimed not to have identified Bitcoin's true founder.

“Columbia is the fifth largest community using Bitcoin in Latin America, so we have a large potential,” shared Boris Javier Barrera, event organizer and CEO & Founder of Bitek.

“In 2017 it is estimated that almost 2% of the GDP of Colombia was represented by Bitcoin transactions, this is a huge amount of money. They are realizing right now that Bitcoin is expensive in fees, Bitcoin is slow and they think Bitcoin is like that, but Bitcoin SV is showing them that Bitcoin, the original vision, is fast, reliable and very, very cheap in fees,” Barrera added.

This week's hearing concluded with the matter far from settled. It will reportedly be continued later this summer, though no firm date has been entered on the docket.

Bitcoin and other cryptocurrencies now make up nearly 80% of funding methods at online gambling sites marketing to restrictive markets, including the US.

- Aaron Goldstein, Gambling911.com

Business/Financial News