‘Faketoshi’ Craig Wright Refuses to Disclose Key Information during Deposition

| Updated
by Teuta Franjkovic · 4 min read
‘Faketoshi’ Craig Wright Refuses to Disclose Key Information during Deposition
Photo: Pixabay

Even though Craig Wright recently quit Twitter, popular ‘Faketoshi” is in the news again for a lawsuit worth billions of dollars, that was filed against him in 2018.

Ira Kleiman sued Craig Wright on behalf of his brother Dave Kleiman, a computer forensics expert and author, who died in 2013, and his estate, for misappropriation of Bitcoin that was based on an alleged 2008 to 2011 partnership made several years ago.

Some people believe that David Kleiman may have been the creator of Bitcoin and the estate thinks he is owed about 300,000 BTC ($1.1 billion) from a trust that allegedly has 1 million BTC locked until the year 2020.

The discovery meeting revealed some aspects in regard to one of the most compelling Bitcoin-related lawsuits to date. For instance, during the proceedings, the court asked Wright’s legal counsel whether he did or did not collaborate with Kleiman in the development of Bitcoin.

Wright’s attorneys replied by saying:

“It is Dr. Wright’s position, your Honor, that Dave Kleiman assisted in editing the protocol related to Bitcoin but did not create Bitcoin.”

The lawyer detailed that Wright’s position is that he never mined Bitcoin with Kleiman nor did any co-owned Bitcoin exist and that Kleiman had no legal rights to intellectual property associated with Bitcoin or the Bitcoin protocol.

On April 4, 2019, Craig Wright’s deposition was conducted in London, where both parties contacted the Court through a telephone to resolve the issues that arose during the deposition. According to the ruling, Wright denied revealing the number of Bitcoins that were mined over 2009 and 2010 during their “partnership”.

He also declined to answer certain questions that were associated with the alleged national security concerns.

A “discovery status hearing” has been scheduled for April 11, 2019, by the Court, where the parties would be required to “propose a briefing schedule for the issues identified”.

Never Gave Up of Presenting Himself as the Real Satoshi Nakamoto

Wright became a known figure in crypto community after media reports linking his identity to Satoshi Nakamoto, the pseudonymous creator of Bitcoin, surfaced in late 2015. Previously, in 2014, one of his few reported links to cryptocurrencies was that he tried launching the world’s first Bitcoin bank.

Just recently, the entrepreneur filed two near-identical comment letters to the United States Commodity Futures Trading Commission (CFTC) in which he again declared that he is Satoshi. The documents were submitted in response to the agency’s request for industry input and feedback on Ethereum’s (ETH) mechanics and market.

Wright played a key role in the BCH hash wars claiming that Bitcoin SV is the original Bitcoin. Bitcoin Cash (BCH) is a cryptocurrency that emerged on Aug. 1, 2017, after departing from Bitcoin’s original blockchain via a hard fork in an attempt to manage its scalability issue.

The BCH network performs hard forks as part of scheduled protocol upgrades. The fork scheduled for Nov. 15, 2018, however, was disrupted by a competing proposal that was not compatible with the original roadmap. As a result, the BCH community was split into three fractions: Bitcoin ABC, Bitcoin Unlimited and Bitcoin SV.

Both Bitcoin Cash and Bitcoin SV followed great crypto price surge adding 86% over 7 days for Bitcoin Cash and 31% for Bitcoin SV.

‘Bitcoin Isn’t a Cryptocurrency’

Last week he said on one of podcasts that Bitcoin isn’t a cryptocurrency:

“Cryptography is secret writing. Bitcoin is the exact opposite of that. Bitcoin is basically a public ledger”.

Wright made a distinction between Bitcoin and ecash systems which use technology to “cryptographically hide something”. Instead, Bitcoin is a “chain of evidence” that is “pretty much everything that those other systems that aim for anonymous transfer are not”.

What’s more, Wright doesn’t even accept that Bitcoin is a currency since that implies a level of official acceptance – “something that’s used by the state”. In time, Bitcoin will be currency, he says. But first, he predicts the release of “tokenized fiat” by states, which will “use the capabilities of Bitcoin to print their own money on top of it”.

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Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

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