Craig Wright Files Lawsuit Against Bitcoin Core Developers, Claims Bitcoin SV is True BTC

Author

Jimmy Aki

Author

Jimmy Aki

About Author

Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and…

Share

Last updated:

October 18, 2024 12:06 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Australian scientist Craig Wright has taken legal action in London’s High Court of Chancery, suing Bitcoin Core developers and asserting that Bitcoin SV, his version of Bitcoin, is the genuine cryptocurrency, according to a Friday report from Forbes.

Wright, known for his controversial claims within the cryptocurrency space, argues that Bitcoin Core developers have misrepresented Bitcoin by implementing modifications such as SegWit and Taproot, which he claims deviate from Satoshi Nakamoto’s original vision.

Wright’s latest lawsuit has caught the eye of the crypto comm unity, largely due to past UK rulings that dismissed his claims of being Bitcoin’s creator, Satoshi Nakamoto.

Despite losing that case, Wright continues to pursue legal action in an attempt to establish Bitcoin SV as the legitimate version of Bitcoin.

Wright’s Lawsuit and Allegations

In this latest legal action, Wright claims that Bitcoin SV upholds the true vision of Bitcoin and asserts that the changes made to Bitcoin by the Core developers have damaged the reputation and market position of Bitcoin SV.

He is seeking £911 billion in damages, attributing this staggering figure to the price disparity between Bitcoin (BTC) and Bitcoin SV (BSV).

Wright’s allegations focus on the idea that by modifying Bitcoin with features like SegWit and Taproot, Bitcoin Core developers have steered the currency away from Nakamoto’s original design, which Wright claims Bitcoin SV has preserved.

Having lost previous cases, including a UK court ruling that he was not the author of the Bitcoin White Paper, Wright has nevertheless continued his legal campaign, seeking to reshape the narrative around Bitcoin’s origins.

Despite ongoing legal battles, Wright’s lawsuit has coincided with notable movements in Bitcoin SV’s price.

Craig Wright’s Lawsuit Boosts Bitcoin SV Price Amid Controversy

Bitcoin SV’s price rose by 3% to $51.69 following news of the lawsuit, even as its trading volume decreased by 25% to $38.33 million.

In addition, BSV futures open interest increased by 5%, reaching $22.21 million.

While these price movements may suggest a short-term boost for Bitcoin SV, the broader crypto community remains largely skeptical of Wright’s legal actions.

Prominent figures, such as Hodlonaut, a vocal critic of Wright, continue to mock his lawsuits.

Hodlonaut, who previously won a defamation case against Wright, sarcastically remarked, “Wright might be using ChatGPT to craft his legal claims,” they added, mocking Wright’s ongoing legal efforts.

This sentiment reflects the wider belief among cryptocurrency enthusiasts that the Craig Wright lawsuit lacks merit, with many in the community continuing to challenge his claims regarding Bitcoin’s true identity.