Dec 31, 2019 07:17

Craig Wright Is Supposed To Receive Private Key of 1 Million Bitcoins (Worth $8 Billion) Tomorrow

The controversy around the Wright versus Kleiman legal case continues, as the former is reportedly going to receive the private keys needed to access over one million Bitcoins on January 1st, 2020.

If successful in retrieving them, it’s questionable how and if Craig Wright will dispose of the cryptocurrency and what the effect on the price of Bitcoin would be.

Wright: I will not dump the coins

Craig Wright has fought a few legal battles in the cryptocurrency space, including the one against the estate of his former business partner, David Kleiman. Allegedly, both of them had mined over one million Bitcoins years ago. After David’s death, his brother, Ira Kleiman, accused Wright of stealing their share.

Earlier, the Kleiman family won the case in a U.S. court, as Judge Bruce Reinhart ordered Wright to deliver half of the mined bitcoins, worth around $4 billion today. Wright argued that the coins were locked and held in a Tulip Trust, a Seychelles-based fund, and he has no way to access them.

However, tomorrow, On January 1st, 2020, Wright is supposedly going to receive the private keys from a bonded courier. This could mean that he will own close to 1.1 million Bitcoins or $8 billion worth of BTC at the time of writing. If he decides to sell them, the community fears that it might have a catastrophic effect on the price of the largest cryptocurrency and, in fact, the whole market.

Alleged Tulip Trust Email

On the other hand, Bloomberg recently reported that Wright has been in contact with them, saying that he “cannot be certain that information will arrive.” Moreover, he then adds his intentions to keep the bitcoins, instead of selling them:

“I do not intend to dump my family’s BTC as some people suspect or want, as this would hurt many people in the industry.”

Wright’s crypto controversy

Craig Wright is among the most controversial figures in the cryptocurrency community, declaring himself as the person behind the pseudonym Satoshi Nakamoto – the creator of Bitcoin. Things went even further earlier this year at a blockchain conference, where it seemed like he will be credited as being Nakamoto. His panel was called – What Was Your Purpose As Satoshi Writing The Whitepaper?

The crypto community reacted against this, with many of the prominent figures in the industry boycotting the event. Litecoin’s founder Charlie Lee confirmed that, saying that “many of us made the pledge not to attend a conference that invites Faketoshi.”

Another cryptocurrency proponent, Binance CEO Changpeng Zhao (CZ), has also expressed that he doesn’t believe what Wright says. Binance’s Founder and CEO previously indicated that Wright is a fraud, and he is not the real Satoshi Nakamoto.

Jordan Lyanchev

Jordan is CryptoPotato's content marketing manager. He got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn