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Jack Dorsey looks to give Bitcoin developers a boost with nonprofit

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Jack Dorsey says he is planning a nonprofit to pay the legal fees of Bitcoin developers, who have been sued by an Australian computer scientist who claims to be the founder of a popular cryptocurrency.

The former CEO of Twitter sent an e-mail to the list of cryptocurrency creators on Wednesday, announcing the creation of the Bitcoin Legal Defense Fund.

The nonprofit is putting Dorsey’s financial muscles against a controversial Craig Wright who targeted a number of crypto developers in a lawsuit called the Lola Trade.

In the spring of last year, Wright filed a lawsuit in a London court, claiming that 16 software developers had refused to help him obtain 111,000 bitcoins, which he rightly believed belonged to him.

Wright accused the developers of refusing private keys to access the currency, which is worth $ 4.8 billion today. Bitcoin traded at $ 43,183.60 on Thursday.

Wright points out that he was part of a team behind the pseudonym Satoshi Nakamoto, a mysterious person who developed Bitcoin more than a decade ago. He also said he owns 1.1 million bitcoins, which puts his fortune at $ 47.5 billion.

The crypto community largely denied Wright’s claims.

Wright’s case is being pushed against developers in four networks – Bitcoin Satoshi Vision (BSV), Bitcoin Core (BTC), Bitcoin Cash (BCH) and Bitcoin Cash ABC (ABC) – at addresses in continental Europe, the U.S., and New Zealand. , Australia and Japan.

Craig Wright, an Australian computer scientist living in the UK, claims to be Satoshi Nakamoto, the inventor of Bitcoin.

The developers say Wright failed to prove ownership of the currency.

Dorsey, a former CEO of Block, formerly known as Square, wrote in an email on Wednesday that “the Bitcoin community is now the subject of a multi-pronged lawsuit,” which some developers say is “in the absence of legal aid.” forced to surrender. ” ”

“The main purpose of this Fund is to protect developers from claims related to their activities in the Bitcoin ecosystem, including finding and retaining a lawyer, developing litigation strategies, and paying legal fees,” Dorsey writes.

“It’s a free and optional option for developers to use if they want.”

Wright claimed in his legal application that he lost his encrypted keys in February 2020 when his home computer network was compromised, Acesparks reported.

“Our client has always created bitcoin to operate under applicable laws, and in the event of loss or theft, developers must ensure recovery if legal ownership can be proven,” said Wright’s attorney, Paul Ferguson.

In October, Dorsey’s digital payment company announced it was investing $ 50 million in Bitcoin.

(FILES) This file, taken on June 17, 2014, shows bitcoin medals in Washington.  Australian entrepreneur Craig Wright introduced himself as the creator of Bitcoin on May 2, 2016, after years of rumors about who invented the pioneering digital currency.  Wright was identified by three media outlets - the BBC, The Economist and GQ magazine - and posted a blog on the topic on its website.  / AFP PHOTO / KAREN BLEIERKAREN BLEIER / AFP / Getty Images
Since its inception in 2008, the value of Bitcoin has skyrocketed. As of Friday, one bitcoin was worth more than $ 42,875.

At the time, the company said it made the investment because it “believed that cryptocurrency was a means of strengthening economic opportunities and provided a way for the world to participate in the global monetary system”.

At the end of November, Dorsey announced on Twitter that she was stepping down as CEO. He was replaced by his chosen successor, Parag Agraval.

Wright won a Florida court last month after the family of his former business partner, the late David Kleiman, sued him for half of his 1.1 million bitcoin fortune.

The Kleiman family, along with David Wright, co-authored the cryptocurrency, argued that they were entitled to half of the accumulated wealth.

The federal jury ruled in Wright’s favor, but he had to pay $ 100 million in compensation for the infringement of his intellectual property rights.

Kleiman and Wright formed a joint venture known as W&K Info Defense Research LLC. The $ 100 million loss will be paid to the company, not the Kleiman family.

Bitcoin was launched in 2008 after Nakamoto published an open source paper introducing a new form of digital currency designed for use without the need for a central bank. Its initial value was less than a penny.

In the early years of Bitcoin, Nakamoto regularly communicated with a small group of crypto-obsessives via email and various message boards, but never communicated over the phone or in person.

Then, on April 26, 2011, Nakamoto disappeared – posting a farewell message to a team that concluded “I’ve moved on to other things” – and there has been no clear news about them since.

For the next four years, the situation was calm. In May 2016, Wright stepped forward to declare himself Nakamoto, but he did not provide clear evidence to support the claim.

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