Bitcoin Founder Craig Wright Wins Right To Keep $54 Billion

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The Logical Indian Crew

Bitcoin 'Founder' Craig Wright Wins Right To Keep $54 Billion

The Court has also directed Craig Wright to pay $100m to the family of Dave Kleiman for intellectual property infringement.

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Bitcoin keeps making it to the headlines. Mostly the price alterations make the news keep investors guessing, but this time the reason alone stands out.

A computer scientist Craig Wright who claimed that he had invented bitcoin, has won a court case granting him legal permission to keep a cache of the cryptocurrency worth billions of dollars. According to a BBC report, a jury rejected claims that Craig Wright's former business partner was due half of the assets. As a result, Mr Wright will retain 1.1m Bitcoin, worth $54bn (£40bn).

The Court has also directed Wright to pay $100m to the family of Dave Kleiman for intellectual property infringement. The family of Kleiman said that a computer security expert who died in 2013 said that the two men had worked together to create and mine the first Bitcoin in existence and that Mr Wright had stolen it. He also claimed in 2016 that he is Nakamoto, though that claim has been disputed.

Wright came out clean on nearly all the issues brought by the family of Kleiman. In an official statement, lawyers for W&K and Kleiman's estate said they were "immensely gratified" that the jury awarded the $100m in intellectual property rights and helped give the Kleiman's "their fair share of what Dave helped. Create."

Mr Wright said that the legal ruling confirmed that he was the creator of the revolutionary digital asset.

"This has been a remarkably good outcome, and I feel completely vindicated," Mr Wright said.

Origins Of Bitcoin

On August 18 2008, the domain name bitcoin.org was registered. Later that year, on October 31, a white paper was published under Satoshi Nakamoto's pseudonym. A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. This detailed paper uses a peer-to-peer network to generate what was described as "a system for electronic transactions without relying on trust. On January 3 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. Embedded in the coinbase of this block was the text.

Fluctuation In Bitcoin's Market Value

In early 2021, Bitcoin's price witnessed another boom, rising 700% since March 2020. Crypto surpassed $40,000 for the first time on January 7. Subsequently, the UK Financial Conduct Authority warned investors against lending or investment in crypto assets as they might end up losing all their money. However, Crypto plunged from its peak above $64,000 on April 14 to $49,000 on April 23. By May 19, Bitcoin had dropped in value by 30% to $31,000, Ethereum by 40%, and Dogecoin by 45%. Bitcoin experienced a mild recovery after Elon Musk met some leading mining companies to develop sustainable Bitcoin mining.

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Contributors Suggest Correction
Writer : Shweta Singh
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Editor : Snehadri Sarkar
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Creatives : Snehadri Sarkar