Craig Wright, the self-appointed creator of the Bitcoin, disputes a court order that he must pay 500K Bitcoin to the court.
September 03, 2019, | AtoZ Markets – Craig Wright is the infamous element in the crypto world that always finds a way to make it to the news. In a recent battle about the Bitcoin holdings that were mined in 2014 with Dave Kleiman, the court has asked Wright to pay 500,000 BTC to the estate of a former colleague.
Craig Wright Bitcoin lawsuit update
United States District Court for the Southern District of Florida has asked Wright to pay 50% of the BTC that were mined before 2014 along with all the intellectual property that is related to Kleiman’s estate.
At first, Wright accepted the judgment and had no problem in giving away 50% of the billion-dollar. But it appears that he is having second thoughts about the judgment as he has decided to challenge the court’s ruling.
Moreover, Wright’s counsel has requested for an extension to let them properly collect the data and prepare a citing challenge and to address the legal validity of the order. Wright’s legal team has used the Dorian hurricane warning as the reason for the extension.
Wright legal team cited in a document
Crypto space is making remarks on the ruling and thinks of it as a justified decision by Magistrate Reinhardt. If Wright entered a 50/50 partnership with Kleiman, he has no right over the 50% share that belongs to him.
On the other hand, cryptocurrency podcaster, Peter McCormack has questioned Wright’s ability to pay 500,000 BTC, and he further decided to bet $10,000 that Wright has no access to so many Bitcoins. Another twist in the already twisted case is a lawsuit that was filed against Wright by Dave Kleiman on February 2018. It accused Wright of stealing hundreds and thousands of BTC worth $5 billion.
Wright’s legal team cited in a document threatening Central and South Florida as justification for the extra time. It says:
“Central and South Florida are currently threatened by a major hurricane. Hurricane Dorian is expected to make landfall in Florida early next week and counsel for Dr. Wright have been expending significant time preparing for the hurricane, which has limited their ability to work on this matter.”
It is important to note that, this decision might bring a huge change in the cryptocurrency market as Kleiman’s will have to sell a lot of Bitcoins to pay estate taxes, which can bring volatility in the market.