A US District Judge has just ruled that Craig Wright will receive additional time to prove he could still be Satoshi Nakamoto, the founder of Bitcoin. Specifically, the judge’s ruling comes in the ongoing legal battle between Craig Wright and the estate of late Dave Kleiman, Wright’s former partner.
Craig Wright’s legal battle continues
Back in August of 2019, Craig Wright was ordered by a US court to cede 50% of the Bitcoin he had mined together with David Kleiman, Wright’s former associate. This came following a lengthy legal battle between Wright and Kleiman’s estate.
This verdict was particularly notable seeing as Wright and Kleiman had reportedly mined roughly 1.1 million Bitcoin together. As such, 50% of these Bitcoin assets would represent a truly massive amount and a sell-off could lead to market volatility,
Now, however, it would appear that cryptocurrency observers may not have to worry about a massive Bitcoin sell-off. Rather, court documents filed on January 10th this year with a US district court in Florida reveal that the sanction order from last August was not proper.
During the August trial, the US Magistrate Judge Bruce Reinhart ruled that Wright had perjured himself. Specifically, Wright had presented falsified documents to the court. This led Judge Reinhart to recommend that Wright would hand over 50% of the Bitcoin he and Kleiman mined to the Kleiman estate.
Wright has until February 3rd to prove he has control over the Bitcoin
With that said, the latest ruling instead states that Reinhart’s ruling was not entirely proper. Put simply, the new court order takes into account the fact that Wright’s Bitcoin holdings remain unknown. As such, the court will award Wright until February 3rd to prove his Bitcoin ownership and testimony from 2019.
Specifically, during the 2019 trial Wright said that he did not have access to the Bitcoin he owned. Rather, these were said to be held in three ”Tulip Trusts”. Moreover, the passcodes to these Tulip Trusts would supposedly be delivered to Wright via bonded courier in January of 2020.
That date has now come and gone, but the court is awarding Wright some additional time to receive the passcodes from this mysterious courier. However, the court is still skeptical over whether this will in fact happen, as the following segment showcases:
” […] the Court questions whether it is remotely plausible that the mysterious “bonded courier” is going to arrive, let alone that he will arrive in January 2020 as the Defendant now contends. However, given that the Defendant maintains that he should at least be afforded this opportunity, the Court will indulge him this much.”
Notably, February 3rd is the first day that the court in question will be open, after Wright’s deadline of January 31st. Consequently, it looks as if Wright only has 21 days left if he wants to escape ”additional sanctions”, as the court puts it.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.