LONDON, Feb 3 (Reuters) - Self-proclaimed bitcoin creator Craig Wright's lawsuit against bitcoin network developers to try to recover billions of

Self-proclaimed bitcoin inventor's $2.5 bln lawsuit can go to trial - London court

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2023-02-03 22:30:04

LONDON, Feb 3 (Reuters) - Self-proclaimed bitcoin creator Craig Wright's lawsuit against bitcoin network developers to try to recover billions of dollars can continue to trial, a London court said on Friday.

The ruling paves the way for a trial on whether developers owe duties to the owners of digital assets – which a lawyer representing some developers said could pose a fundamental challenge to decentralised finance if Wright won.

Australian computer scientist Wright is suing 15 developers in an effort to retrieve around 111,000 bitcoin – currently worth about $2.5 billion – after he lost the encrypted keys to access them when his home computer network was allegedly hacked.

Wright’s Seychelles-based company Tulip Trading is taking legal action against the developers of three networks, arguing they are obliged to write software patches to help Tulip recover the bitcoin.

Tulip’s case was thrown out last year, but the Court of Appeal ruled on Friday that developers arguably do owe duties to owners, which should be determined at a full trial.

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