Craig Wright Initiates Legal Action Against Bitcoin Core Developers, Asserts Bitcoin SV Represents Authentic BTC

Australian researcher Craig Wright has initiated legal proceedings in London’s High Court of Chancery, filing a lawsuit against Bitcoin Core developers and asserting that Bitcoin SV, his interpretation of Bitcoin, represents the authentic cryptocurrency, as reported by Forbes on Friday.

Wright, recognized for his contentious assertions within the cryptocurrency domain, contends that Bitcoin Core developers have distorted Bitcoin by introducing alterations such as SegWit and Taproot, which he argues diverge from Satoshi Nakamoto’s initial vision.

This recent lawsuit has garnered attention from the crypto community, particularly due to prior UK judgments that rejected his assertions of being Bitcoin’s creator, Satoshi Nakamoto.

Despite the unfavorable outcome of that case, Wright persists in his legal endeavors to validate Bitcoin SV as the rightful version of Bitcoin.

Wright’s Lawsuit and Allegations

In this current legal action, Wright asserts that Bitcoin SV embodies the authentic vision of Bitcoin and claims that the modifications made by the Core developers have harmed the reputation and market standing of Bitcoin SV.

He is pursuing £911 billion in damages, attributing this enormous sum to the price difference between Bitcoin (BTC) and Bitcoin SV (BSV).

Wright’s accusations center on the notion that by altering Bitcoin with features like SegWit and Taproot, Bitcoin Core developers have diverted the currency from Nakamoto’s original framework, which Wright asserts Bitcoin SV has maintained.

THE BIGGEST CASE AGAINST CORPORATIONS THE WORLD HAS EVER SEEN
Reverend Dr Craig S Wright Representing himself
LITIGANT IN PERSON
Whether you know what BSV or BTC or Bitcoin is or NOT
– READ THE CLAIMhttps://t.co/MDYVZp5Drm pic.twitter.com/27TcjUTJqu

— CtrlAltDelete (@TakingoutTrash7) October 17, 2024

Having faced setbacks in previous cases, including a UK court ruling that determined he was not the author of the Bitcoin White Paper, Wright continues his legal campaign, aiming to reshape the narrative surrounding Bitcoin’s origins.

In spite of ongoing legal challenges, Wright’s lawsuit has coincided with significant fluctuations in Bitcoin SV’s price.

Craig Wright’s Lawsuit Boosts Bitcoin SV Price Amid Controversy

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

Additionally, BSV futures open interest rose by 5%, reaching $22.21 million.

While these price changes may indicate a temporary uplift for Bitcoin SV, the broader crypto community remains largely doubtful of Wright’s legal maneuvers.

Notable individuals, such as Hodlonaut, a prominent critic of Wright, continue to ridicule his lawsuits.

“Hodlonaut, who has previously secured a defamation victory against Wright in Norway, criticized Wright’s latest legal action. In a statement to Forbes, he remarked, “When no reputable law firm is willing to keep representing his torrent of lies and forgeries, it is very much in…

— hodlonaut (@hodlonaut) October 18, 2024

Hodlonaut, who previously won a defamation case against Wright, sarcastically suggested, “Wright might be using ChatGPT to craft his legal claims,” further mocking Wright’s ongoing legal pursuits.

This sentiment mirrors the broader perception among cryptocurrency enthusiasts that Craig Wright’s lawsuit lacks substance, with many in the community continuing to contest his assertions regarding Bitcoin’s true identity.

The post Craig Wright Files Lawsuit Against Bitcoin Core Developers, Claims Bitcoin SV is True BTC appeared first on Cryptonews.