All posts by Gabriella Gordon

Craig Wright, an Australian computer scientist, claims to have invented bitcoin. He has won a civil case against the family members of a deceased business partner who claimed they owed half of a cryptocurrency fortune that was worth tens or hundreds of billions of dollars.

On Monday, a Florida jury found that Wright didn’t owe half the 1.1 million bitcoins to David Kleiman’s family. A joint venture between Wright and Kleiman was awarded US$100m by the jury in intellectual property rights. This is a fraction of the amount Kleiman’s lawyers wanted at trial.

Andres Rivero, Rivero Mestre LLP’s lead lawyer for Wright, said, “This was a tremendous win for our side.”

David Kleiman, 46 years old, died April 2013, at his home. His family, led by his brother Ira Kleiman has stated that David Kleiman was 46 years old and Wright was close friends. They co-created Bitcoin through a partnership.

The trial featured 1.1m bitcoins worth roughly $50bn, based on Monday’s price. These bitcoins were the first to be mined and could only be owned if the person or entity involved in the creation of the digital currency, such as Satoshi Nakamoto, the creator.

The cryptocurrency community will now be watching to see if Wright keeps his promise to prove that he is the owner bitcoins. Wright claimed in 2016 that he was Nakamoto. This would give credence to his claim.

The federal court case in Miami was very technical. The jury listened to detailed explanations about the complex workings of cryptocurrency and the mysterious origins of bitcoin.

The jury deliberated for a week, asking both the judge and lawyers questions about cryptocurrencies. The jurors indicated to the judge at one point that they were in deadlock.

Bitcoin’s origins are something that has been somewhat a mystery for a long time. This is why the trial attracted so much attention from outsiders. A paper was published in October 2008 by a group or individuals known as “Satoshi Nakamoto” that laid out a framework to create a digital currency. It would not be tied with any government or legal authority. A few months later, the process of mining for the currency, which involves computers solving mathematical problems, began.

Nakamoto, which roughly translates from Japanese to mean “at the center of”, was never thought to be the true name of Bitcoin’s creator.

A large portion of the cryptocurrency community has reacted skeptically to Wright’s claim that Nakamoto is his real name. Because of its structure, all bitcoin transactions are public. The 1.1 million bitcoins in question remain unchanged since their creation.

Regular members of the bitcoin community have called on Wright to transfer just a fraction (or all) of the coins to a separate account in order to prove ownership and show that Wright is truly as rich as he claims.

Wright and other cryptocurrency experts were called to testify under oath during the trial that Wright owned the bitcoins.

Wright stated that he would prove ownership if Wright won at trial.

W&K Information Defense Research LLC lawyers said that they were pleased that the jury had awarded $100m in intellectual rights to the company. The company developed software that laid the foundation for early cryptocurrency and blockchain technologies.

In a joint statement, Vel Freedman, Kyle Roche, of Roche Freedman LLP, and Andrew Brenner (a partner at Boies Schiller Flexner), stated that Wright refused to give the Kleimans a fair share of what David Kleiman helped create.

Wright’s lawyers repeatedly stated that Wright and David Kleiman were close friends who collaborated on work, but that their partnership had no connection to bitcoin’s creation and early operation.

Wright stated that he would donate a large portion of his bitcoin fortune to charity, if he wins the trial. Wright’s lawyer Rivero confirmed Wright’s intentions to donate a large portion of his bitcoin fortune in an interview.

Bitcoin dropped to a one month low Friday, heading for its worst week in six months. On the assumption that Mt Gox’s credit would collapse, traders booked their profits. It dropped as low as 1.6% to $55,980 in Asia by mid-session, 20% below its record high last week and down as much as 1.5 percent since October.

According to Reuters, Bitcoin dropped as high as 14% this week and its 50-day moving mean, which was reported by Reuters.

Matthew Dibb (chief operating officer of Stack Funds, a Singapore-based crypto asset manager) stated that “selling pressure has been quite consistent.” He believes that the trend will continue until the token gains support at $53,000.

Dibb said that there was profit taking, and concern about further selling after a Tokyo court approved plans to repay creditors Mt Gox. This is a crypto exchange that collapsed in 2014 after it lost half a million dollars in Bitcoin.

“Those who are affected will be given a large amount of Bitcoin. This is likely to happen in Q1 or Q2 2022. He said that this has caused some fear in the market over the longer term, based on the expectation of those creditors being the likely sellers.

The second-largest cryptocurrency in market value was Ether. However, it held steady at $4,014 for Friday and posted a 14% weekly loss.

Both Bitcoin and Ether seem to have also suffered. Global markets have been cautious in recent days due to concerns about economic growth and inflation.

According to Edward Moya, an OANDA analyst, “Bitcoin’s long term outlook remains bullish,” according to Reuters.

Mt. Mt. It handled more than 70% of all Bitcoin transactions worldwide at that time, and was the world’s largest cryptocurrency platform until its hacking. Hackers stole more than 850 000 BTC, and around 750000 (or 80 percent) of these Bitcoins were taken by customers. Although some of the remaining holdings were discovered later, it was closed down in 2014. After taking into account the loss of coins, any payout will be a fraction the original amount held by creditors.

Recently, Mt. The trustee granted final approval to the Gox Bitcoin Repayment Plan. According to a recently finalized and binding plan, creditors of the defunct cryptocurrency exchange will likely receive reimbursements. This would bring an end to one of the longest running sagas in cryptocurrency.

However, markets are not keen to welcome this significant surge in Bitcoin.

If cryptocurrency enthusiasts are expecting a three week trial in Miami federal courts to establish Satoshi Nakamoto’s true identity, they may be disappointed. However, curious people will still be interested in watching Craig Wright, an Australian computer scientist and self-described creator of bitcoin , fight for his share of $US65 billion ($86.4 trillion) of peer-to-peer cryptocurrency. He is also accused of defrauding the estate of a Florida man who died of fraud.

Dave Kleiman’s brother, Dave Kleiman, died in 2013. He claims that Wright was part of the early development and creation of bitcoin. The estate has half the value of the cache, which is believed to have been held by Satoshi. It is valued at $US625,545 per piece as of October 29. It is not known if the stash can be recovered.

Bitwise chose a different path. While many companies were following Gary Gensler, the SEC chair,’s remarks recently and filing for ETFs for bitcoin futures, Bitwise did something differently. Matt Hougan (the asset manager’s chief information officer) shared his reasons on Tweet for why Bitwise chose to apply for approval of a bitcoin ETF rather than one based upon futures.

“There is already a Bitwise ETF filing that is BTC futures-based. Hougan stated that actual BTC is more valuable. “And we believe that it is finally possible.

Hougan created a thread to summarize Bitwise’s 100-page report. It explains why Bitwise believes that the U.S Securities and Exchange Commission will soon capitulate. Bitwise’s CIO cited three major reasons why a bitcoin ETF was better than a Bitcoin futures ETF. These were costs, dilution and tail risk.

Rolling futures (or ‘contango’) could run you more than 5-10% annually. Hougan also wrote that there are another 1-2% fees. Due to regulations, ETFs cannot hold 100% BTC futures. The majority aim for 85%. 15% can be used for other things, bonds, and even money! You can have things fall apart.

A futures-based Bitcoin ETF has [around] 6-12% all in costs, [around] 15% dilution, and tail risk. While it is useful for some investors, it is not ideal. Hougan said that a direct BTC ETF would avoid all of these issues.

According to Hougan, the SEC rejected Bitwise’s earlier filing for a bitcoin ETF in 2019 and wrote a 100-page note sharing their concerns about the market, including ‘their capability to monitor & enforce on manipulating’. To lead price discovery, the commission stated that they need a regulated market of significant size. This is similar to ETFs for commodities. Hougan argues that a regulated market for leading price discovery is already in place, which allows a bitcoin ETF approval.

“The CME is the most important source of price discovery in bitcoin markets!” This is in comparison to Coinbase and Kraken, Binances, Huobi, BitMEX, BitMEX, and even FTX. Hougan explained that prices move first on CME. “The market is maturing. A BTC ETF can be approved now.

Bitwise Asset Management has filed a second time with the SEC to offer a bitcoin ETF in America. Two analysis reports were also published by the firm. The first examines price discovery on the bitcoin market. The second analyses the likely effects of approval of a bitcoin-exchange-traded product.

Elon Musk, a crypto enthusiast and Tesla CEO, believes it’s impossible for governments to destroy cryptocurrency while slowing down the progress made in the space. Musk, a long-standing advocate of cryptocurrency, particularly bitcoin and dogecoin was speaking at the Code Conference in California on digital technologies. Musk answered a question about whether the US government should regulate crypto. He said that it was not possible to destroy crypto. Musk said that governments can slow down the progress of crypto, however.

The US was due to vote on the final passage this week of the $1 trillion infrastructure bill. This bill included provisions regarding tax regulations around cryptocurrency. In the next few days, the bill will likely be brought to the floor. Musk stated that he would not recommend doing anything at the conference on the government’s decision to regulate the crypto space. He said, “I believe there’s some value to cryptocurrency, but it’s not the second coming of God,” he continued.

Musk also spoke out about the current situation in China regarding cryptocurrencies, noting that China has’significant electricity generation problems’. Because the demand for electricity is higher than anticipated, a lot of South China is experiencing random power outages. He suggested that crypto mining could be a factor in this. China’s central bank People’s Bank of China announced last month a complete ban on crypto mining in a statement.

Digital assets were affected by events like China’s crypto ban. This led to inflows of $95 million in digital assets last week. That brought the total inflows for the past six weeks up to $320m. Investors saw this as a buying opportunity, CoinShares, a digital asset management company, had reported in its weekly report.

Musk tweeted earlier this year that Tesla would no longer accept Bitcoin payments from customers to purchase electric cars. This was in response to concerns about the environment. Musk said that Tesla would accept bitcoin again if he ‘confirms that the percentage renewable energy usage will most likely be at or above 50%, and that there is a tendency towards increasing that number.’ Reuters reported Musk’s statement.