On October 10, 2024, Craig Wright, the self-proclaimed inventor of #Bitcoin , filed a substantial £911 billion claim against Bitcoin Core developers, accusing them of misrepresenting Bitcoin ($BTC ) as the original cryptocurrency. Wright, who has repeatedly claimed to be Satoshi Nakamoto—the pseudonymous creator of Bitcoin—alleges that modifications to BTC, such as #SegWit and #Taproot , deviate from the original Bitcoin White Paper and thus distort public understanding of Bitcoin.
The Lawsuit Details
According to the claim form submitted by Wright, which lists his address in London, he is suing BTC Core, a partnership that manages the development of Bitcoin's codebase, and Square Up Europe Ltd, a subsidiary of Jack Dorsey’s Square. Wright asserts that the defendants' actions have "misled the public into believing that BTC retains the attributes of the original Bitcoin," resulting in significant reputational and financial damage to Bitcoin SV (BSV), a fork of Bitcoin that Wright supports and claims is the "true" Bitcoin.
Wright’s claim is staggering—he estimates the damages at £911,050,000,000 (roughly $1.1 trillion USD), citing the valuation disparity between BTC and BSV as the basis for the figure. BTC is currently valued at approximately £48,000 per unit, while BSV stands at a much lower £50 per unit. This vast difference, according to Wright, is a direct result of BTC Core’s misrepresentation, which he believes caused a loss of market value and reputational harm to BSV.
Wright's Contentious History
Craig Wright's legal actions are not new, and his claims of being Satoshi Nakamoto have faced significant scrutiny. In a notable case in 2021, Wright sued the Crypto Open Patent Alliance (COPA) over his claim to Bitcoin’s intellectual property but lost when the court ruled that Wright had not provided sufficient evidence to prove his identity as Bitcoin’s creator. Additionally, he has been embroiled in a legal battle with the estate of his former business partner, Dave Kleiman, over a large trove of Bitcoin that Wright claims ownership of.
Wright’s reputation within the cryptocurrency community has been severely tarnished by these legal disputes. Many in the industry, including prominent developers and analysts, consider his claims to be fraudulent. As one post put it, "Craig Wright is not only a fraud but surely an embarrassment to his family at this point."
Implications for Bitcoin
Wright’s latest lawsuit brings up key questions about Bitcoin’s governance and the open-source nature of its codebase. SegWit (Segregated Witness) and Taproot, two key updates to Bitcoin’s protocol, were designed to enhance transaction efficiency and privacy, respectively. These modifications have been broadly accepted within the Bitcoin community and are viewed as natural evolutions of the technology. However, Wright contends that these updates deviate from the original vision laid out in the Bitcoin White Paper, thereby misrepresenting what Bitcoin is supposed to be.
While Wright’s claims have not gained much traction legally or within the broader crypto community, they reignite debates over what constitutes the "true" version of Bitcoin. Wright argues that BSV, which he leads, adheres more closely to Satoshi Nakamoto’s original vision of a peer-to-peer electronic cash system and that BTC has strayed too far from that vision by implementing these updates. This debate has previously fueled splits within the Bitcoin community, leading to the creation of different forks like Bitcoin Cash (BCH) and Bitcoin SV (BSV).
Skepticism and Public Reaction
The public and the cryptocurrency community have largely responded with skepticism to Wright’s claims. Some voices acknowledge that BTC, in its current form, does differ in some ways from the original Bitcoin White Paper. As one post remarked, "BTC has very little of the original Bitcoin code... If you compare BSV and BTC code to Satoshi's release, it is very clear BSV represents Bitcoin most accurately."
However, the dominant sentiment remains that Wright’s lawsuit is yet another attempt to assert himself as the rightful creator of Bitcoin without the backing of solid evidence. One commentator noted, "Craig Wright suing BTC Core for £911 Billion is nothing more than another spectacle in his long-running saga of questionable lawsuits."
Broader Market Implications
The magnitude of Wright's lawsuit, if taken seriously by the courts, could potentially have far-reaching consequences for the cryptocurrency market. A ruling in favor of Wright could not only shift market dynamics between BTC and BSV but also introduce new legal standards for the governance of open-source software projects like Bitcoin. Such an outcome, however, is seen as highly unlikely given Wright’s history of unsubstantiated claims and legal defeats.
Legal Representation and Self-Representation
One noteworthy aspect of the lawsuit is that Wright is acting as a "litigant-in-person," meaning he is representing himself without legal counsel. This decision might reflect his ongoing difficulties in securing legal representation after previous losses, or it may signal his confidence in navigating this lawsuit on his own. In either case, it adds another layer of intrigue to this already complex and controversial legal battle.
Final Thoughts
While the lawsuit may reignite public debates on Bitcoin’s identity and governance, it seems unlikely that Craig Wright’s claim will have the legal standing necessary to succeed. As history has shown, Wright’s previous attempts to prove his claim as #SatoshiNakamoto have been consistently challenged and ultimately dismissed. Nevertheless, the cryptocurrency world will continue to watch this case unfold, as its outcome—however improbable—could introduce new dynamics in the evolving story of Bitcoin.
For now, #BitcoinCore remains widely recognized as the legitimate version of Bitcoin, and BSV continues to occupy a much smaller space within the cryptocurrency ecosystem. Wright’s lawsuit may generate headlines, but it seems poised to be another chapter in his long and contentious saga with Bitcoin and its community.