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Miami jury rules in favor of Craig Wright, claimed bitcoin inventor

A Bitcoin ATM screen displays the Bitcoin logo on November 10, 2020 in Los Angeles, California.

Mario Tama | Getty Images

The man who claimed to have invented bitcoin has won a significant U.S. case. This will save him from having to pay a former business partner millions of dollars.

Craig Wright is an Australian computer scientist implied in a 2016 blog post that he was Satoshi Nakamoto, the pseudonym used by the person or persons who developed bitcoin. Many are in the crypto community. skeptical of Wright’s claimThis is partly because Satoshi has not yet moved the bitcoins from his early mines.

Wright won a Miami civil court case against David Kleiman, his business partner, and expert in computer forensics. Half of Satoshi’s 1.1 million Bitcoins, which are currently valued at $54 billion, was at stake. It also claimed intellectual property rights in early blockchain technology.

Kleiman, along with Wright, was accused of being co-creators of Bitcoin. This entitles him to 50% of Satoshi’s presumed fortune. The West Palm Beach federal jury sided with Wright, and did not award Kleiman any bitcoin.

However, Wright was ordered to pay $100 million in compensatory damages over a breach in intellectual property rights related to W&K Info Defense Research LLC, a joint venture between the two men. That money will go to W&K directly, rather than to the Kleiman estate.

“We are immensely gratified that our client, W&K Information Defense Research LLC, has won $100,000,000 reflecting that Craig Wright wrongfully took bitcoin-related assets from W&K,” said counsel for W&K.

“This is a remarkable result, and I feel fully vindicated.” Wright said in a video posted to TwitterThe verdict should be immediately followed by immediate action

Satoshi Nakamoto’s mystery

It is because of this mystery that bitcoin was created, that the South Florida civil suit attracted such attention.

Just as the U.S. was facing a financial crisis, Satoshi Nakamoto wrote a nine-page article in 2008. white paper detailing a vision for bitcoin — a “peer-to-peer electronic cash system” that would function outside the reach of governments.

A few months laterNakamoto’s software allowed you to mine the cryptocurrency.

CNBC Pro provides more details about crypto currencies

Cryptocurrency mining is the complex computational process that creates new tokens and verifies transactions. It was possible to mine bitcoin on your home computer in the beginning of bitcoin. The reward for winning a block was 50 bitcoin back then. The process is now more complex and requires special equipment. Professionals are the ones who do it most efficiently. Thanks to an anti-inflationary code that was embedded in the code, today’s block reward amounts to 6.25 Bitcoin.

Nakamoto could have been one individual or a group of coders. He remained active until 2011. After emailing another developer, Nakamoto abruptly quit the project and stated that they were “moving on to other projects”, he emailed a colleague to inform him. According to some reports, Nakamoto was able to mine as much as 1.1million bitcoin before disappearing.

Wright would have needed to present the Satoshi coins cache if Wright had lost the case to be able to compensate the estate. Wright however did say that he would prove his ownershipHe was to be victorious at the trial. If he wins, he promised that a large portion of his bitcoin fortune would be donated to charity.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.