US Court: Self Proclaimed Bitcoin Inventor to pay $100 million in damages

Chaini Parwani –

Published On: December 08, 2021 at 15:56 IST

A US Court has directed a computer scientist alleging to be inventor of Bitcoin to pay USD 100 million as his former partner had filed a Lawsuit against him.

It was highlighted that the estate of the Departed Partner, claiming half of the bitcoin cache with Wright has not been awarded worth billions but will now get USD 100 million in Intellectual Property Rights. 

Wright recorded a video message stating “This has been a remarkable good outcome and I feel completely vindicate.”

Further Wright also indicated about more such fights in future and that there will be a massive change – Cryptocurrency to digital cash the way it’s meant to be.

Furthermore, according to Court papers, the 1.1 million Bitcoin had been mined by Satoshi Nakamoto, whose October 2008 white paper Bitcoin: A Peer-to-Peer Electronic Cash System described a framework for what would become Bitcoin.

Previously, in 2016 Wright claimed that he was Nakamoto, which was a pseudonym.

Wright and Dave Klieman were earlier partners in W&K Information Defense Research LLC.

Kleiman’s family alleged that he and Wright had been friends and business partners, but that Wright seized the Bitcoin stemming from their relationship.

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