The court case between Craig Wright and deceased programmer Dave Klieman came to a somewhat expected end. It found Wright perjuring about Bitcoin’s creation and has been asked to return about 50% of the BTC to the Klieman estate.
The actual amount is not known; it is 50% of the coins that Klieman and Wright mined together before 2014. It is estimated that together they mined about a million Bitcoins.
“Dr.Wright is Dishonest. He is a Serial Forger!”
The judge has ordered Wright to grant 50% share in intellectual property to Kleiman as well. Reportedly, the judge also ordered that Wright will neither be permitted to a jury trial nor oppose the order. However, he is eligible for an appeal.
What to Expect from BSV Price Action and Volatility?
The court order is received well with the crypto-community, as most people have refuted his claim in the past. Moreover, Wright has also been known to shill Bitcoin SV [BSV] based on the claim’s that; it was how the creator of Bitcoin intended it to be. Hence, the outcome of the case is expected to have a negative effect on Bitcoin SV [BSV].
The hodlonaut issue, Binance delisting, copyright claims, and so on have all caused massive volatility in BSV’s price. In all these issues, Craig has attempted to sway the crowd into believing that he is Satoshi so that people can flock to Bitcoin SV.
Now that it has been proved in a federal court, BSV investors are expected to experience FUD around its price. Calvin Ayre, the second lead figure for BSV, who has consistently publicized Craig’s claim was also found to be gasping for words. He tweeted,
Though # and this will be obvious to all in time (it is already to everyone smart), this is now moot. Real # # is beyond any one person now…it is the worlds top utility platform with its unique in the world massive scaling and Craig did this for sure.
What is interesting in this tweet is that he has been known to shill BSV based on the false claim. However, now that it been proved otherwise, he says it is “beyond any one person now.”
However, traders must be cautioned on short-selling the cryptocurrency because of the substantial centralized control over it. Dovey Wan, a crypto-analyst suggested a possible move that Wright could make to pay off the fines and settlement charges. She tweeted,
My expected endgame of this (obviously not a financial advice) –
CSW insists on being Satoshi, ordered to return the 500K BTC of $5B. He then pumps $ 2X, liquidated $, pay it off with the whole $
The price of BSV at 4: 00 hours UTC is $129. It is trading 3.7% lower on a daily scale.
Furthermore, now that the claims have been proved, the view of other exchanges on its’ delisting will also be one to watch out for.
Do you think that cryptocurrency dies because of massive selling or a slow death from lack of liquidity? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com