logo

Bitcoin developers happy after judge deconstructs FakeToshi in latest legal showdown

court
  • Craig Wright has lost a case against Bitcoin devs
  • Blockchain Devs are not accountable for loss of private keys
  • Crypto fans celebrate the ruling

A judge at the British High Court has put the popular self-proclaimed Bitcoin creator to shame. By now, almost everyone knows that Craig Wright has a huge appetite for court tussles, especially when they have anything to do with Bitcoin. Craig has been branded “FakeToshi” due to his claims of being the creator of Bitcoin while providing no credible proof.

The case

The most recent court battle pitted Craig against BTC developers over an alleged hack that’s claimed to have happened in February 2020. Craig accuses the devs and network maintainers of failing to help his company, Tulip Trading Company, to regain control of its coins after the alleged hack. It’s still unproven whether the hack actually occurred.

However, judge Dame Falk threw out the case, ruling that even if it were proven that the hack occurred, the defendants could not be expected to disrupt network integrity to help TTL. It was further ruled that the fact that Craig’s BSV network is working on changing rules to support asset recovery in case of loss of private keys can’t be expected to be extended to every other network including Bitcoin (BTC). With that, Craig’s case was thrown out on grounds of technicality.

Bitcoin and crypto Twitter celebrate the ruling

Following the iconic ruling, Crypto Twitter was abuzz with celebration while bashing Craig. Most of the crypto fans agree that the judge was well-informed in matters crypto and blockchain. According to WizSec, a cybersecurity team operating in the blockchain industry, Craig’s lawsuit largely stemmed from an alleged breach of duty that didn’t even exist.

The ruling expressly affirms the long-held notion that blockchain developers in the crypto sphere are not to be blamed or expected to help in any way in case of loss of private keys. The phrase “not your keys, not your coins” holds strong in this case. As a matter of fact, this is what’s expected of a fully decentralized crypto ecosystem where no single entity is in total control of the network.

Is this the last?

Craig Wright and his lawyer, Calvin Ayre, have been largely quiet since the ruling, and some people have speculated that this might be the last of Craig’s court battle regarding the matter with TTL. Before the ruling, the case had been in court for a year. According to a tweet by BitMex Research, the case may be over unless Craig decides to appeal.

[wp-faq-schema title="FAQs" accordion=1]
Nick James

Nick James

Nick is a technologist with a special interest in Blockchain technology and cryptocurrencies. He has actively participated in the industry for several years. His main passion is sharing news within the crypto community.

Related News

Hot Stories

World Blockchain Summit back in Dubai at Atlantis The Palm under the Patronage of HH Sheikh Juma Ahmed Juma Al Maktoum
Tonomus’ Beverly Rider joins global line-up of innovators and influencers reshaping metaverse landscape at #WMSDubai
Best crypto memes of the day - October 3rd
IOST Price Prediction 2022 - 2031: Is IOST A Good Investment?
Best Twitter threads of the day - October 3rd

Follow Us

Industry News

Access point nodes: How can they be of service?
Celsius destabilizes the crypto market. Are investors in trouble?
What's going on with Credit Suisse?
Weekly crypto price analysis: BTC, ETH, XRP, BNB, ADA, and SOL
Solana restarted for the 8th time. What went wrong this time?