Craig Wright says there is a third Tulip Trust; what does this mean for Bitcoin? 🚨 This article is 5 years old...
Craig Wright says there is a third Tulip Trust; what does this mean for Bitcoin?
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Updated: Jan. 10, 2020 at 9:06 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
On Jan. 6, Wright’s legal team produced a third, confidential Tulip Trust document in a lot of 428 new documents. The Kleiman estate requested a 10-day extension for Wright to provide redactions of the document, which caused Bitcoin SV to jump over 30 percent in one day.
While some believe this document could contain the missing pieces that would unlock Wright’s alleged $10 billion fortune, most agree it’s just another one of Wright’s attempts to make a fool out of the court.
A mysterious new Tulip Trust document emerges in the Wright vs Kleiman case
There seems to be no end in sight to Craig Wright’s lies or his trial with Dave Kleiman‘s estate. In the latest twist in the ongoing crypto trial of the century, Wright’s legal team produced a bundle containing 428 new documents. However, it wasn’t the sudden procurement of those documents that caused a stir in the trial, but rather what those documents contain.
According to a motion filed by Ira Kleiman, the lot of 428 documents contained a third, confidential Tulip Trust documents. Titled “Tulip Trust III,” the document was not revealed under the court’s prior order to produce all documents related to the “blind” trust Wright claimed held the keys to his Bitcoin fortune. The motion said:
“Plaintiffs received this document for the first time on January 6, 2020, amongst a production of 428 other documents, without any explanation as to its late disclosure, or even an email pointing out this document had been produced.”
The Kleiman estate requested a 10-day extension for Wright to produce redactions of the documents to the court.
What does Tulip Trust III mean for Bitcoin?
The very mention of another Tulip Trust document caused quite a stir among the BSV community. Wright’s supporters seem to have seen the mention of these documents as a confirmation that the pieces missing from the previous Tulip Trust documents will finally be revealed.
The excitement about the document quickly translated into a huge pump for BSV, which jumped 35 percent in less than 24 hours, rising from $114 to $154. While the highly-contested Bitcoin off-shoot went on to consolidate after peaking at $154, the excitement about the news certainly hasn’t.
Bitcoin also felt a little bit of that excitement as well. Its price jumped just over 4 percent, pushing it above the critical $8,000 support level.
In the long run, the possibility of Wright recovering the keys to his alleged 1.1 million BTC fortune could push Bitcoin’s price down. As many Wright supporters believe he will most likely dump a large percentage of his alleged holdings to cover his legal fees, the fear of a devaluating BTC could trigger a sell-off even before any major action from Wright.
For the other, more sane half of the crypto community, the slight dip Bitcoin could experience due to commotion around Wright will just mean that the slow, easy money has left the market.
Bitcoin SV Market Data
At the time of press 9:06 pm UTC on Jan. 10, 2020, Bitcoin SV is ranked #8 by market cap and the price is up 26.25% over the past 24 hours. Bitcoin SV has a market capitalization of $2.67 billion with a 24-hour trading volume of $1.44 billion. Learn more about Bitcoin SV ›
Crypto Market Summary
At the time of press 9:06 pm UTC on Jan. 10, 2020, the total crypto market is valued at at $214.6 billion with a 24-hour volume of $92.81 billion. Bitcoin dominance is currently at 68.31%. Learn more about the crypto market ›
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Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH).
Bitcoin
$98,946.75
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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.
Dave Kleiman (1967 – April 26, 2013) was a computer forensics expert, an author or co-author of multiple books and a frequent speaker at security-related events.