TL;DR Breakdown
- Earlier today, the former Twitter CEO Jack Dorsey wrote a letter of Bitcoin-dev mail proposing a legal fund for developers.
- He explained that the fund would help protect developers as they strive to achieve their goals in the BTC ecosystem.
Dorsey believes that BTC developers need to be backed by a legal defence fund since they are vulnerable to legal attacks. He said these developers face multiple litigation threats, and most of them are without legal support.
Dorsey wants BTC stakeholders to start a legal team for their developers
Earlier today, Jack Dorsey tabled his legal fund proposal by email addressing the BTC-dev mailing list. His email bore signatures from him, chain code Labs co-founder Alex Morcos and academic Martin White. The letter is also available in some Tweets.
According to Jack, the necessity of this fund lies in the challenges that developers face. He explained that they get a hard time finding loyalty in counsels, coming up with litigation strategies, and settling bills for their legal teams.
According to Jack Dorsey, the fund will not raise any capital from the public in any way for now. However, it may choose to get funding in the future but only after getting a green light from its governing board.
More about Dorsey’s proposed developers’ legal defense fund
The fund will start by backing developers in the MT GOX cyberattack case per the post. It explained that the fund would help in the defence against Wright’s Tulip Trading lawsuit that some BTC developers are facing regarding the funds lost in the cyberattack on the exchange.
A London court has given Ontier LLP- the law firm representing Tulip Trading- a go-ahead to serve papers on 16 BTC developers regarding the MT GOX hack. Concurrently, Wright is also suing other organizations that hosted the BTC whitepaper on copyright grounds.
Per Dorsey and his seconders, the fund will be free and voluntary to increase the accessibility to developers if they need to use it. It builds a corporation of non-profit and part-time law counsellors. Additionally, the board behind the fund will have full rights to decide what cases it will get involved in.
The MT GOX case is one of the worst cyberattacks in the crypto space. The hack resulted in the loss of hundreds of thousands of Bitcoin from this exchange that was once the largest one globally. Even though the authorities have recovered some of the stolen BTC, a larger amount is still missing. These developments are worth watching as court battles continue regarding the funds’ loss.
Last month Wright won a court battle that freed him from breaching a business partnership with David Kleiman. The late Kleiman was a computer forensics specialist, and his family believed that he helped Wright build BTC. However, evidence tipped in favour of Wright that he has the sole claim to the network.
The case’s conclusion gives him the right to chase after copyright issues regarding the BTC white paper. Now, the MT GOX victims can only wait to see how events will unfold ahead of the ongoing legal tussles.
