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Craig Wright’s Legal Win Reignites Satoshi Debate

The United Kingdom Court of Appeals recently permitted a claim brought by Craig Wright’s Tulip Trading against several Bitcoin developers to go to trial, paving the way for a bitter legal battle.

According to English law, the developers owe Wright fiduciary obligations, according to the claim, which was first dismissed in March. The complaint originates from the self-proclaimed Satoshi’s assertion that he lost billions of dollars in Bitcoin in a wallet linked to the defunct Mt. Gox exchange’s attack. The claim offers a “serious issue to be tried,” according to the Court of Appeals, and cites four grounds for the appeal’s success, including that the relevant area of law is evolving, unknown, and complex, and thus merits a trial.

Stephen Palley, a renowned lawyer in the blockchain and cryptocurrency industry, has commented on the matter in light of the verdict, claiming that the English Court of Appeals’ ruling that software developers “may” have fiduciary duties “raises a serious issue to be tried.” “Before anyone gets incredibly excited about this, I’d just like to point out that the principle here is maybe not as groundbreaking as it sounds. Your postman can become a fiduciary if they act in a fiduciary capacity. Facts and circumstances,” Palley stated.

Tulip Trading’s claim targets developers such as Cory Fields, Peter Todd, Roger Ver, Pieter Wuille, and others who have worked on the Bitcoin network. The London High Court granted Craig Wright‘s lawyers authority to serve papers on the developers even if they do not live in the United Kingdom in 2021.

Wright demanded that the developers give him access to an address containing around 80,000 BTC. Wright claims that these developers owe him fiduciary duties under English law, citing English case law. This decision is a huge step forward in Craig Wright’s continuing legal struggle with the Bitcoin community.

The dispute has raised discussions in the cryptocurrency community about the extent of control and obligations developers have over decentralized networks.

Image Credit: Shutterstock

 

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