craig wright ordered to pay billions

Those who keep track of the crypto world will know about the suspicious Australian man — Craig Wright — who claims to be the Bitcoin creator. The same man now has to pay billions in cryptocurrency.

Why?

Craig Wright has been ordered by a U.S. district court in Florida to pay half of his cryptocurrency wealth (which he earned between 2009 and 2013) to Dave Kleiman’s estate since he is the apparent bitcoin inventor Satoshi Nakamoto.

If you are wondering exactly how much Wright owes to the Kleiman Estate then we don’t have a concrete number. However, as hinted by the current price of bitcoin, the self-claimed inventor is the owner of around $10 billion worth of cryptocurrency, meaning he has to pay around $5 billion to Kleiman.

Wright and Kleiman dispute

As a quick reminder, Wright was sued by the Dave Kleiman Estate back in 2018 for fraud and was asked to pay around $10 billion in cryptocurrency to the now-dead Dave Kleiman. Craig Wright and Dave Kleiman are former partners in their bitcoin venture.

The lawsuit was filed by Kleiman’s brother, who believes Wright is trying to hold all the crypto wealth, which was mined by both Kleiman and Wright.

Is Wright going to pay?

Following the court order, Wright has suggested that he can’t pay off the amount he has been ordered to pay as he can’t access his Bitcoins.

As per Wright, when Bitcoin was being associated with illegal activities in 2011, he secured the Bitcoins he earned by encrypting them. The created encrypted key was split into “slices” and given to several people via a blind trust.

Now, to decrypt the Bitcoins, he will have to wait until 2020 when he receives the key via a bonded courier.

Is Wright speaking the truth?

Since 2016, Craig Wright has been the self-proclaimed bitcoin inventor and sues people who are against his idea. While his claims seem a bit absurd, no one really knows the truth. 

However, the judge who took care of the recent court order isn’t in support of Wright and calls his story “inconceivable” and false.

We still have to finally know what happens; whether or not Wright is the rightful inventor of bitcoin or has been fooling around all this while and if Kleiman’s family gets the money.

So keep on visiting Fossbytes for more information.

Also Read: 85% Of Total Bitcoins On Earth Have Already Been Mined, What’s Next?