Craig Wright Threatens to Sue and ‘Bankrupt’ Bitcoin Developers, Demands Access to Mt. Gox’s Stolen Coins

| Updated
by Bhushan Akolkar · 3 min read
Craig Wright Threatens to Sue and ‘Bankrupt’ Bitcoin Developers, Demands Access to Mt. Gox’s Stolen Coins
Photo: Depositphotos

Self-claimed Bitcoin inventor Craig Wright wants developers to do the impossible and help him restore access to his 110K Bitcoin lost during the Mt. Gox theft. He threatens them with legal actions in case they fail to help him.

The self-acclaimed Satoshi Nakamoto Craig Wright is once again back in controversy. Wright has treated to sue Bitcoin developers and “bankrupt” claiming that someone stole 110K Bitcoins from him linked to the Mt. Gox hack. Now Wright wants that Bitcoin developers should help him get his stolen coins back.

Wright Threatens to Bitcoin Developers

Craig Wright sent the legal notice to Bitcoin producers his law firm Ontier LLP. Interestingly, the legal action will further extend to the developers of BCH, BCH ABC and BSV as well. In the letter, Craig Wright-owned Tulip Trading Ltd (TTL) demands access to two major wallets containing 79,957 and 31,000 BTC. These 110K Bitcoins are currently worth around $5 million. In the letter, the lawyers argue:

“Those assets were and continue to be owned by TTL. TTL demands that developers allow TTL to regain access and control of its Bitcoin on the basis that they owe Bitcoin owners both illicit and fiduciary obligations under English law as a result of the high level of power and control. that they hold on their respective blockchains “.

Thus, the ultimate goal of the lawsuit seems to “force” the Bitcoin developers to return them to their starting address. Note that the contributors of the Bitcoin Core network have no control over the network’s wallet.

Regaining Control of the Lost Coins

The self-acclaimed “inventor of Bitcoin”, Craig Wright doesn’t want to blame the developers for what happened. But he thinks that they can still resolve the issue. The letter notes:

“We affirm that there are identifiable legal obligations attributable to those who develop and control Bitcoin. As the victim of a serious theft, Tulip Trading is trying to regain its access and control of its digital assets from those who are able to make up for its loss. The fact that someone has stolen the private Bitcoin keys digitally held by Tulip Trading does not prevent the developers from distributing the code to allow the rightful owner to regain control of his bitcoin. A ruling in favor of Tulip Trading will have significant implications for others who have lost access to their Bitcoin or have had coins stolen .”

“In accordance with their fiduciary duties,” the letter reads, “each of the Developers is obliged to: a. Provide access and control to TTL of the BTC in the Addresses, which it owns but cannot access or control due to the hack/theft. b. Take all reasonable steps to ensure that TTL has access to and control of the BTC in the Addresses,” the letter adds.

Ontier LLP noted that they would initiate legal action if the recipients didn’t comply. But it is impossible for developers to seize funds in Bitcoin addresses that they don’t own. For this, Bitcoin will have to attempt a 51% attack to reorganize Bitcoin’s complete blockchain history.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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