Craig Wright threatens Bitcoin developers. The self-proclaimed Satoshi Nakamoto is once again controversial. Wright threatened to sue Bitcoin developers. The scandalous wants to bankrupt them. At the same time, he claims that 110,000 BTC was stolen from him in the famous Mt. Gox. Now Wright expects developers to help recover funds.
A while ago Craig threatened to “bankrupt” and “destroy the lives” of developers.
Today, some of Bitcoin Core’s longest and most talented developers are getting sued by him. He’s trying to drive them away, bully them, and ultimately tie them up in nonsense litigation.
– Cøbra (@CobraBitcoin) February 24, 2021
Wright threatens Bitcoin developers
Craig Wright sent a notice to Bitcoin developers through the law firm Ontier LLP. Interestingly, the legal proceedings will also cover the developers BCH, BCH ABC and BSV. In the letter, Tulip Trading Ltd (TTL), which Wright owns, is demanding access to two major portfolios of 79,957 and 31,000 BTC. These 110,000 bitcoins are now worth around $ 5 million. In a letter lawyers argue:
These assets were and still are owned by TTL. TTL requires developers to allow TTL to regain access and control of Bitcoins.
The obligation to do so is supposed to result from the unlawful holding of assets by the developers under English law.
So the ultimate goal of the lawsuit seems to be to “force” the Bitcoin developers to return the funds to the starting address. Note that the contributors to the Bitcoin Core network have no control over the network’s wallet.
Regain control of lost coins
The self-proclaimed “Bitcoin inventor” Craig Wright doesn’t want to blame the developers for what happened. However, he believes they can still solve this problem. The letter contains the following remarks:
We confirm that there are identifiable legal obligations that can be attributed to those who develop and control Bitcoin. As a victim of a major theft, Tulip Trading seeks to regain access and control of its digital assets from those who can cover their losses. The fact that someone stole private keys stored digitally by Tulip Trading does not prevent developers from distributing the code that would allow the rightful owner to regain control of their BTC. A ruling in favor of Tulip Trading will have significant ramifications for others who have lost access to or have their Bitcoins stolen.
“In line with their fiduciary obligations,” the letter reads, “each developer is required to provide TTL access and control to BTC at the addresses indicated.
In addition, programmers will take all steps to bring it to this state “
Ontier LLP indicated that it would initiate legal proceedings if the addressees did not comply with the summons. However, developers cannot take funds from Bitcoin addresses that they do not have. In order to meet Wright’s demands, a 51% attack would have to be attempted. This would allow a reorganization of the blockchain history. Craig Wright therefore wants to destroy the stability and credibility of the network that he was alleged to have set up on his own. It also wants to force the BTC blockchain to reverse transactions, thus breaking one of the leading principles of the first cryptocurrency.