Craig Wright Sues Bitcoin Core Developers Over BTC Identity

Australian scientist Craig Wright has filed a lawsuit in London's High Court of Chancery against Bitcoin Core developers, asserting that his version of Bitcoin, Bitcoin SV, is the authentic cryptocurrency. This development was reported by Forbes on a recent Friday.

Wright, who is often at the center of controversy in the crypto community, contends that Bitcoin Core developers have misrepresented Bitcoin by implementing changes such as SegWit and Taproot, which he argues diverge from Satoshi Nakamoto’s original vision.

Despite previous UK court rulings that have dismissed his claims of being the creator of Bitcoin, Wright persists in his legal endeavors to validate Bitcoin SV as the rightful iteration of Bitcoin.

Allegations in Wright's Lawsuit

In this new lawsuit, Wright claims that Bitcoin SV embodies the true intent of Bitcoin and argues that the modifications introduced by Bitcoin Core developers have harmed both the reputation and market standing of Bitcoin SV.

He is seeking damages amounting to £911 billion, a figure he attributes to the price gap between Bitcoin (BTC) and Bitcoin SV (BSV).

Wright's claims hinge on the assertion that the alterations made by Bitcoin Core, including features like SegWit and Taproot, have led the cryptocurrency away from Nakamoto’s original framework, which he believes Bitcoin SV has maintained.

Despite losing previous legal battles, including a ruling affirming he did not author the Bitcoin White Paper, Wright continues his efforts to reshape the narrative surrounding Bitcoin's inception.

Impact on Bitcoin SV's Price Amid Controversy

Following the announcement of Wright's lawsuit, Bitcoin SV's price experienced a 3% increase, reaching $51.69, although its trading volume fell by 25% to $38.33 million. Additionally, the open interest in BSV futures rose by 5%, totaling $22.21 million.

While these price fluctuations may indicate a temporary uplift for Bitcoin SV, skepticism persists within the broader crypto community regarding the legitimacy of Wright's legal actions.

Critics, including prominent figures like Hodlonaut, have openly mocked Wright's lawsuits. Hodlonaut, who has previously won a defamation case against Wright in Norway, commented on the situation, stating that no reputable law firm is willing to represent Wright's ongoing claims.

In a sarcastic remark, Hodlonaut suggested, “Wright might be using ChatGPT to craft his legal claims,” reflecting the widespread belief among cryptocurrency enthusiasts that Wright's lawsuit lacks substantive merit, with many continuing to dispute his assertions about Bitcoin's true identity.