$69B at stake as Craig Wright battles in court over claim to Satoshi Nakamoto

  • The recent Miami trial aims to unearth the relationship between the self-claimed Satoshi Nakamoto – Craig Wright – and his previous business partner David Kleiman.
  •  At the heart of everything is a market shaking $69 billion worth of Bitcoins.

Bitcoins worth a staggering $69 billion are currently at stake as a fresh court battle erupts in Miami over rights to Satoshi Nakamoto’s 1.1 million BTC wallet. On Monday, November 1, legal arguments started at the trial in the Miami court that could lead us to the true creator of Bitcoin.

The real identity behind the pseudonymous Bitcoin founder Satoshi Nakamoto remains a mystery. However, a civil trial between the infamous Craig Wright & David Kleiman seeks to establish the real identity behind Bitcoin.

The infamous Australian scientist Wright made his claim in 2016. But Kleiman has been arguing that his late brother and Wright’s friend David was the co-creator. This has led to a series of legal hearings between the two parties.

The entire fight has been on who gets access to Satoshi Nakamoto’s 1.1 million BTC wallet. As of the current BTC price, this wallet holds a value of a staggering $69 billion. For anyone who gets possession of Satoshi’s BTC wallet, that person would become the 15th richest person in the world as per Bloomberg’s Billionaire Index.

Kleiman claims the right to half of the wallet’s amount

Ira Kleiman has been arguing that his late brother David had collaborated with Wright for the creation and development of the Bitcoin ecosystem. Thus, Kleiman notes that David’s heirs hold the rights over half of Satoshi’s wallet content.

Firstly, there’s been a strong skepticism over Wright’s claims of being the real Satoshi Nakamoto. Despite several attempts, Wright hasn’t provided proof of holding the keys to Nakamoto’s BTC wallet. As a result, a large part of the Bitcoin fraternity doesn’t believe him to be the real Nakamoto. Besides, there are also previous accusations that the proofs provided by Wright were completely fraudulent.

If Kleiman goes wins the case but Wright isn’t the real Satoshi, what shall happen? Would Kleiman still be unable to access the Bitcoin in the wallet?

The ongoing Miami case isn’t, however, concerned with Satoshi’s identity. It just looks into the business partnership between Wright and Kleiman. It aims to establish whether David and Craig were real business partners or just friends. The jury trial will continue over the next three weeks.

Satoshi’s wallet could be worth $100B soon

As the case proceeds, Nakamoto’s wallet continues to grow in wealth over time. Many analysts are expecting the bitcoin price to hit $100K price targets by the end of this year. If this happens, the Nakamoto wallet will hold more than $100 billion worth of BTC.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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