Bitcoin »Craig Wright sentenced to pay 100 million dollars but acquitted

Craig Wright Sentenced to Pay $ 100 Million in Bitcoin Lawsuit, But Exempt from All Other Charges

Craig Wright, the self-proclaimed pseudonym inventor of Bitcoin, the world’s largest cryptocurrency by market capitalization, was ordered to pay $ 100 million in the Kleiman vs. Wright civil lawsuit. The jury ruled that Kleiman’s inheritance was not entitled to a portion of the fortune of Bitcoin’s creator, Satoshi Nakamoto, over which Wright claims to have control.

  • The jury in the Kleiman v. Wright civil lawsuit finally rendered a verdict after days of deliberation.
  • Craig Wright will have to pay $ 100 million to W&K Info Defense Research.
  • The defendant has been cleared of all other charges and is “incredibly relieved.”

A stalled jury finally reaches a consensus

The jury in Kleiman v. Wright found in favor of the defendant on all but one of the charges against him. They found out that David Kleiman’s relationship with Wright was not a business relationship and that he was not a partner in Satoshi Nakamoto’s Bitcoin invention. The Kleiman Estate would not be entitled to any part of the Nakamoto funds.

The legal battle between Wright and the Kleiman Estate began in 2018. The Kleiman Estate believed that Wright had decided to seize Kleiman’s stake in the Bitcoin fortune and intellectual property when the two parties entered into a business relationship.

David Kleiman’s brother Ira Kleiman claimed that his deceased brother was entitled to 1.1 million Bitcoins as he frequently collaborated with Wright. The court ruled that Kleiman’s involvement with Wright was not sufficient to constitute a business relationship over the BTC invention.

It took several days for the jury to reach a verdict, after Judge Beth Bloom issued an indictment against Allen, ordering the stalled jury to reach consensus. The jury sided with the plaintiff in the conversion count, saying there had been unauthorized use of funds that did not legally belong to the defendant, taking BTC funds from their joint venture, W&K Info Defense Research. Wright was ordered to pay $ 100 million without punitive damages.

According to Wright, he thinks the $ 100 million liability was a “gain” given that he should have paid $ 3.2 billion in a previous settlement offer. He has no intention of appealing and is “incredibly relieved.”

As part of the legal dispute, several forged documents were discovered that cast doubt on Wright’s claims as the inventor of Bitcoin. However, the judgment presented to the court recognized Wright as the sole creator of Bitcoin. The case assumed that Wright had invented the world’s first cryptocurrency and whether he really was Satoshi Nakamoto was not discussed during the case.

By Sarah Tran, FXStreet

Sarah has closely followed the growth of blockchain technology and its adoption since 2016. She worked at a crypto exchange and crypto custodian, and prior to writing for FXStreet, she was a writer and content strategist at Blockchain News.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

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