• Craig Wright sues Bitcoin developers for allegedly failing to help him recover over 100,000 BTC worth $2.5 billion that were lost in a hack.
• The BTC developers filed preliminary objections against the claims that they failed in their fiduciary duty to help him recover the funds.
• They argued there was no proof that Wright or his company owned or controlled the stolen assets.
Wrong Sues Bitcoin Developers
Craig Wright has sued Bitcoin (BTC) developers for allegedly failing to help him recover over 100,000 BTC worth $2.5 billion that were lost in a hack.
Developers File Preliminary Objections
The BTC developers have filed preliminary objections against the claims that they failed in their fiduciary duty to help him recover the funds. According to the preliminary application filed before a U.K. High Court, the BTC developers argued there was no proof that Wright or his company owned or controlled the stolen assets.
Stolen Funds Stored Across Two Addresses
The Bitcoin Legal Defense Fund stated on Aug 21st that the 111,000 BTC is currently stored across two addresses; 12ib7 and 1FeeX. Notably,the 1FeeX address is associated with funds linked tothe infamous 2014 Mt Gox hack .
Funds Belonged To Third Parties
TheBTCdevs notedthat there is no evidence suggestingWright’s firmTulip Trading Ltd actually owns any of the coins connected with those addresses as some ofthem belonged to third partiesat prior pointin time .
Conclusion
Ultimately,the defense team concludedthat since there was no actual ownership ofthe 111,000 Bitcoins , thenWright had “no reasonable prospectof success”withhis claim concerning it andtherefore it should be dismissed bythe court .