Craig Wright files legal action against Coinbase and Kraken for ‘misrepresenting’ Bitcoin 🚨 This article is 3 years old...
Craig Wright files legal action against Coinbase and Kraken for ‘misrepresenting’ Bitcoin
Craig Wright resumes litigation against entities that infringe his copyright and challenge his claims of being Satoshi Nakamoto.
2 min read
Updated: May. 4, 2022 at 9:22 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Computer scientist Craig Wright continues litigation against those who challenge his claims of being the creator of Bitcoin and holder of associated intellectual property.
This time, crypto exchanges Coinbase and Kraken are in the firing line over misrepresenting “Bitcoin Core” as the actual Bitcoin.
Wright’s legal team states further filings against major exchanges are in the pipeline. They say litigation is necessary “to prevent future misperceptions as to the true operational nature of Bitcoin.”
“This litigation is the latest in a series of legal claims issued by ONTIER LLP on behalf of Dr Wright and his associated entities to uphold his right to protect his lawfully-held digital assets, his reputation as the creator of Bitcoin and his associated intellectual property…”
Proceedings were filed on April 29, 2022, and will be heard at the Business and Property Courts of England and Wales. This court resolves specialist business and international civil disputes, including those related to intellectual property.
Wright claims Bitcoin SV is the real Bitcoin
Wright claims Coinbase and Kraken, and other exchanges that have yet to be named, have been “passing off” BTC as the real Bitcoin. However, the actual Bitcoin is distinct and separate from the protocol Wright claims to have created in 2009.
According to Wright, the real Bitcoin, i.e., the one that remains true to the original protocol, is Bitcoin Satoshi Vision (BSV).
“The Claimants assert that these exchanges, and others, have been trading – and encouraging investors and consumers to trade and invest – in BTC, by passing off that asset as Bitcoin.”
The proceedings assert that misrepresentations by Coinbase and Kraken, who continue to push BTC as the original Bitcoin, have confused crypto investors who are unaware of the “authenticity” of the assets they are dealing with.
Wright is seeking an injunction to stop Coinbase and Kraken from misleading investors through the “improper use” of signs or wording that promote BTC as Bitcoin.
Based on the defendant’s revenues, Wright’s legal team expects the claim to be worth several billions of pounds.
Update on ongoing defamation lawsuits
The What Bitcoin Did Podcast host, Peter McCormack, gave an update on his ongoing legal dispute with Wright last week. McCormack confirmed that a trial date had been set for May 23 and 24.
The trial date for my libel lawsuit with Craig Wright has been set for May 23rd and 24th.
As such, I won’t be able to attend the Oslo Freedom Forum this year.
Everything is on the line…
— Peter McCormack ⬛ (@PeterMcCormack) April 29, 2022
In 2019, McCormack accused Wright of being a fraud for claiming to be Satoshi Nakamoto. Wright responded by instigating a libel claim on the grounds that McCormack damaged his reputation.
Magnus Granath, AKA Twitter handle @hodlnaut, met a similar response after also challenging claims that Wright is Satoshi Nakamoto. Wright’s legal team says the defamation trial will likely be heard in early 2023.
Last year, London’s High Court ruled in favor of Wright in his legal action against the operator of the bitcoin.org website. Wright said the website had infringed his copyright by hosting the Bitcoin whitepaper.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitcoin SV
$56.0683
Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH).
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Craig Steven Wright, commonly referred to as CSW, is an Australian computer scientist and business professional who has been at the center of controversy within the cryptocurrency community.
Hailing from the United Kingdom, Peter McCormack stands out as a preeminent figure in the cryptocurrency podcasting realm.