Credibility Questioned: Is Craig Wright Lying Again?

KEY TAKEAWAYS

  • The credibility of the self-proclaimed Bitcoin inventor, Craig Wright, is in question yet again as he was called “a liar and a fraud” in a recent message signed with the blockchain address he claimed to own.
  • If the collective refutation has significant bearing on the case, the overhang of Bitcoin’s price could be removed.

Last week, the Australian tech entrepreneur, Craig Wright, submitted a third list of Bitcoin addresses allegedly controlled by the Tulip Trust as a proof of his ownership in the ongoing court case Kleiman vs Wright. As mentioned previously, the court case was brought up by Ira Kleiman, brother of Wright’s former business partner, David Kleiman.

Over the years, Wright has claimed that he, together with the late David Kleiman, mined 1.1 million Bitcoins (approximately US$9.6 billion) in the early days, to which Wright allegedly holds the private keys.

However, two days after the submission, 145 of the addresses on the list collectively signed a message with the Bitcoin keys that reads:

“Craig Steven Wright is a liar and a fraud. He doesn’t have the keys used to sign this message. The Lightning Network is a significant achievement. However, we need to continue work on improving on-chain capacity. Unfortunately, the solution is not to just change a constant in the code or to allow powerful participants to force out others. We are all Satoshi.”

The debunking of Wright’s ownership temporarily eases the wide speculations in the cryptocurrency community. The case is pending a Florida Court decision due on July 6. If the Tulip Trust indeed holds 1.1 million Bitcoins, and Kleiman shares half of it as previously ruled by the court, Ira Kleiman will receive more than 550,000 Bitcoins, subject to a huge amount of federal estate tax. To afford the tax, Ira Kleiman may have to cash out Bitcoins, which could have a drastic impact on Bitcoin’s price. If Wright’s story is dismissed as a lie, the price overhang could be removed.

Either way, we will find out more about the ruling in July as scheduled unless the court decision is further delayed due to the pandemic. July is an important month for the cryptocurrency community as both Mt. Gox and the Tulip Trust cases enter the next chapter. So, mark the date and stay tuned.