Verdict from the United Kingdom: Craig Wright is not Satoshi Nakamoto

Related

Revolut: the ML and AI-based system prevented scams for over €550 million

Revolut, thanks to its proprietary fraud detection system, based...

Bitcoin: what are automated teller machines and where to find them

Not everyone knows that there are Automated Bitcoin Teller...

The US Senators Lummis and Gillibrand lead a new legislation on Stablecoin

On a typical Wednesday in Washington, US Senators Cynthia...

Elevating Possibilities: The Countdown for WBS Dubai Begins!

Mark your calendars for an unparalleled gathering of blockchain...

Share

According to CoinDesk, a court in the United Kingdom has concluded that Craig Wright, the first developer of Bitcoin, is not Satoshi Nakamoto. The judge described the evidence as “overwhelming”.

Let’s see all the details below. 

Craig Wright confessed as Satoshi Nakamoto

As anticipated, a court in the United Kingdom has concluded, as reported by CoinDesk, that Craig Wright is neither Satoshi Nakamoto nor the author of the Bitcoin white paper.

The case, brought forward by the Crypto Open Patent Alliance (COPA), has reached the final stage of arguments this week, as indicated in a post by the alliance. 

The goal of COPA was to demonstrate that Wright, one of the early developers of Bitcoin who claims to be the pseudonymous creator of Bitcoin, is not Satoshi Nakamoto.

The British judge James Mellor described the evidence as “overwhelming”, as reported by CoinDesk.

Last month, two key figures in the creation of Bitcoin took a stand. Namely Adam Back, a pioneer of Bitcoin’s proof-of-work consensus system, and Martti Malmi, the first contributor to Bitcoin. 

Both have disputed Wright’s claims, as previously reported, arguing that Wright was not Nakamoto.

The COPA initiated the lawsuit for the first time in April 2021 with the aim of preventing Wright from claiming copyright on the whitepaper and the Bitcoin database.

COPA vs. Craig Wright: the battle for the future of Bitcoin

As explained above, the Crypto Open Patent Alliance (COPA) has taken a stand in the case against Craig Wright, one of the early developers of Bitcoin claiming to be the pseudonymous creator Satoshi Nakamoto.

As mentioned, Adam Back, pioneer of the proof-of-work consensus system of Bitcoin, and the first collaborator of Bitcoin Martti Malmi have disputed Wright’s claims. 

As witnesses in the COPA case, Back and Malmi demonstrated to the court that Wright is not Nakamoto, thus denying Wright’s claim to the intellectual property rights of Bitcoin.

COPA, aiming to counter Wright’s claims since April 2021, seeks to prevent Wright from claiming copyrights on the whitepaper and on the Bitcoin database. 

As it fears that this could affect the access and use of the main cryptocurrency by market capitalization.

In a testimony, Back provided evidence from 2009 regarding B-Money to Nakamoto, contradicting Wright’s claim of being influenced by it. Malmi stated that he communicated with Satoshi, asserting that he is a different person from Wright. 

Malmi’s statements have also questioned Wright’s knowledge of the co-founding of Silk Road.

The COPA has outlined the potential implications of Wright’s claim to be Satoshi Nakamoto, emphasizing that this claim could hinder the development of Bitcoin and undermine the spirit of the open source community.

Bitcoin ETFs are preparing for a breakthrough: Eric Balchunas’ predictions

According to recent statements by Eric Balchunas, senior analyst at Bloomberg, Bitcoin ETFs are about to face two important determining factors by the end of the year. Thus opening the doors to a wide range of investors on different platforms.

The first key factor, according to the analyst, concerns the expansion of the availability of Bitcoin ETFs in the world of financial consulting. 

Currently, BTC ETFs are not available on some of the major brokerage platforms that manage assets between 7 and 10 trillion dollars.

Balchunas predicts that these ETFs will soon be available on these platforms in the coming months, thus opening new investment opportunities.

Balchunas has compared this situation to putting a product on supermarket shelves, emphasizing the importance of exposure and accessibility.

The second determining factor will be the launch of Bitcoin ETF options trading, expected by September. These two catalysts, according to Balchunas, could lead to a price increase, along with the halving. 

Balchunas has also speculated that banks could create structured products around Bitcoin ETFs, opening up new investment opportunities in the crypto sector.