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Craig Wright: Billionaire ‘Satoshi Nakamoto’ or a Convicted Fraud?

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Craig Wright is probably the most controversial figure in the crypto industry. Wright has been trying to make the world believe that he is the man behind the creation of Bitcoin and its underlying technology, Blockchain, since late December 2015, when he offered documentation to back up his claims.

Since then he has made several claims of being Satoshi and has re-surfaced with new possible evidence that supposedly proves his identity. The crypto community, however, wasn’t too convinced with Wright and has lashed back at him.

Wright has also sued popular cryptocurrency podcaster Peter McCormack, who accused him of fraud and making false claims of being Satoshi Nakamoto. He even claimed for £100,000 (over $130,000) in damages and legal costs and court fees.

The self-proclaimed inventor of Bitcoin has also been involved in an on-going case with David Kleiman. Wright has been sued by Ira Kleiman – the brother of Wright’s late business partner Dave Kleiman – for $10 billion, alleging that Wright was trying to seize Dave’s Bitcoin holdings from when they were mining together.

David Kleiman and Wright had allegedly mined 1.1 million Bitcoin together, which Wright entrusted to the ‘Tulip Trust.’ Now Kleiman is looking to get half of that back for his brother’s estate, as Wright alleges it is inaccessible. He had previously agreed to pay the dues and had also requested an extension of the deadline to October but broke the settlement later.

However, documents from The Tulip Trust contract that surfaced and is allegedly signed and written by David Kleiman on June 9, 2011, states that On January 1st, 2020, Wright would supposedly receive the private keys from a bonded courier, for a wallet that contain close to 1.1 million Bitcoins or $8 billion worth of BTC at the time of writing.

The documents stated that Kleiman allegedly “formed a trust,” and had “full control of all the software and keys to manage the bitcoin.” The Tulip Trust document describes a trust fund that’s ostensibly held in Seychelles and contains approximately 1,100,111 BTC.

When Wright was asked to disclose the public addresses he owned prior to December 31, 2013. He told the court that because the Tulip Trust is split into multiple keys, he cannot decrypt his file until he gets access to his key in 2020.

Later on, in a statement to Bloomberg News, Wright now claims that he “cannot be certain that information will in fact arrive.”

The on-going lawsuit is yet to be resolved and Wright is set to give his next deposition on January 14 – 15. If Wright does get access to this private key he would own $8 billion worth of BTC. Many investors are concerned that if the coins are dumped, it could gravely affect the market.

The BSV community, on the other hand, believes that the Tulip Trust is going to bolster BSV development and the firm Nchain.

Wright, however, told Bloomberg:

“I do not intend to dump my family’s BTC as some people suspect or want, as this would hurt many people in the industry.”

This might finally be the time when we get to know if Craig Wright is actually the inventor of Bitcoin or he was bluffing all this time. The next few steps following this case would be an interesting watch as this could also be Wright’s last chance to prove himself in court.

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

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