Man who dubiously says he invented bitcoin is sued for billions

| Jan 4, 2019 | Intellectual Property Litigation

A multibillion-dollar bitcoin lawsuit was filed against Craig Wright, the man who publicly — yet dubiously — claims he is Satoshi Nakamoto, the founder of bitcoin. Wright filed a motion to dismiss the lawsuit but in late December 2018, the federal court presiding over the matter rejected the motion.

Wright served as the chief scientist at Nchain, where he was the business partner of Dave Kleiman, who is now deceased. The Kleiman family is suing Wright for 1,100,000 bitcoin, which is a sum valued at $4.3 billion. The family has accused Wright of stealing both intellectual property and bitcoin from the family.

At this time, some suspect that Wright and Kleiman were the ones behind the mysterious, yet probably fictitious, character who created bitcoin who went by the name Satoshi Nakamoto in internet postings years ago during the creation of bitcoin. However, the jury is still out. Most assume that Wright’s claims are nothing more than a publicity stunt, as he has not been able to prove the notion.

In the lawsuit, the family of Kleiman say that Wright manipulated them and took advantage of their lack of knowledge about bitcoin technology. The Kleiman family further alleges that they were previously unaware of some of their deceased family member’s intellectual property assets, which Wright did not disclose to them.

There are many other allegations in this massive intellectual property lawsuit. As with any such matter, it’s important that both sides of the intellectual property dispute obtain representation from a property lawyer who can help them navigate the details of their legal proceedings while aggressively defending their legal rights.