The United States court favored Craig Wright, the man who proclaims to be the inventor of the top cryptocurrency, Bitcoin, in a major case wherein a whopping $52 billion worth of crypto is at stake.
US Court Favors Craig Wright
The Australian computer scientist, Wright, just won a civil case in Miami after the jury ruled in favor of the man who claims to be behind the technology of Bitcoin, as per the report by CNBC.
The court ruling helped save Wright from giving away half of his crypto 1.1 million Bitcoin, which is now worth billions in dollars, to the estate of his deceased business partner.
Craig Wright: the Bitcoin Inventor?
The Australian computer scientist first claimed in his blog post in 2016 that he was actually the man who developed the top cryptocurrency.
In fact, Wright further claims that he was the man behind the pseudonym, Satoshi Nakamoto.
Nakamoto is the moniker being used by the person or people behind the development of Bitcoin technology.
However, some in the emerging community of crypto are still skeptical of the claims of the Australian computer scientist.
It comes as Wright has yet to move all of the Bitcoin that the community believes Satoshi has initially mined during the early days of his invention.
Craig Wright and 1.1M Bitcoin
This time around, or on Dec. 6, Monday, the man claiming to be the inventor of Bitcoin received some bright news regarding a Miami civil case that was filed against him by the family or the estate of his now-deceased partner in business, according to the news story by ABC.
The case filed against Wright claims that he owes his business partner, the computer forensics expert, David Kleiman, half of the 1.1 million Bitcoin that was mined and owned by Satoshi.
On top of that, the family of the late computer forensics expert also claimed in the lawsuit that they have a right to the intellectual property of the Bitcoin technology.
The case further said that the late Kleiman is the co-founder of Bitcoin, along with his business partner, Wright. That said, it argued that the forensics expert is the rightful owner of half of the 1.1 million Bitcoin.
Court Ruling Favor Wright
However, the jury in the Miami court in West Palm Beach ruled in favor of Wright. Thus, the court has declined to give away half of the Bitcoin at stake.
Instead, the court ruling only ordered Wright to pay a whopping $100 million for breaching the intellectual property rights of the firm that the two men founded, W&K Information Defense Research LLC.
It is worth noting that the $100 million compensatory damages will be paid directly to the joint venture of the two men. That said, the estate of the late business partner of Wright will not be receiving any payment from him.
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Written by Teejay Boris