In a recent turn of events, Craig Wright has filed a lawsuit against Bitcoin Core developers. This filing was made on October 15 in the Chancery Division of the High Court in London.
Claims Against Bitcoin Core Developers
Wright asserts that the latest enhancements to Bitcoin’s (BTC) protocol have strayed from its initial design principles, resulting in considerable financial loss for him. He is demanding over $1 billion in damages.
Protocol Changes Under Scrutiny
This legal action primarily relates to the protocol changes introduced by Taproot and Segregated Witness (SegWit). Wright contends that these updates have misled the market into falsely believing that Bitcoin retains its foundational characteristics.
“These changes have caused confusion in the market and have compromised the vision of the original Bitcoin protocol,” Wright stated.
Financial Context of the Lawsuit
Wright’s claim for compensation is based on the disparity in value between Bitcoin (BTC) and Bitcoin Satoshi’s Vision (BSV), the latter of which he argues is the rightful continuation of the original Bitcoin concept.
- As of October 10, BTC was priced at $62,000.
- BSV was trading at $65.
Wright’s lawsuit demands a staggering $1.18 billion, claiming that the upgrades implemented by Bitcoin Core have adversely affected the value of his version of the cryptocurrency.
A History of Legal Challenges
This lawsuit adds another chapter to Wright’s ongoing legal battles, many of which focus on his controversial claim to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Past Rulings Against Wright
Wright’s previous legal endeavors have not been fruitful. Courts have consistently ruled against his assertions, casting doubt on his claims of being the creator of Bitcoin. Significant losses include:
- In 2022, he failed to prove ownership of the private keys linked to Bitcoin’s genesis block.
- A 2023 court ruling stated he had no legitimate claim to the Bitcoin whitepaper.
- Recently, he was instructed to cease any further lawsuits related to his Satoshi identity.
