While they noted that the main purpose of the fund was to defend developers “ from lawsuits regarding their activities in the Bitcoin ecosystem,” they also noted that the ramifications extended far deeper into the broader open source realm. ![]() They pointed to the “multi-front litigation” that the Bitcoin community faces, including Craig Wright’s efforts which they confirmed at the time it would be leading the defense for. The fund’s founders initially penned an open letter to Bitcoin developers last year to explain their raison d’être. The fund now also includes chief legal officer Jess Jonas, who joined in January. So on Wednesday this week, 11 Bitcoin developers filed their defense with support from the Bitcoin Legal Defense Fund, a not-for-profit set up in 2021 by Twitter and Block (formerly Square) co-founder Jack Dorsey, Block’s head of litigation Martin White and Chaincode Labs co-founder Alex Morcos. “If the decentralized governance of Bitcoin really is a myth, then in my judgment there is much to be said for the submission that bitcoin developers, while acting as developers, owe fiduciary duties to the true owners of that property,” he wrote. In his findings, Lord Justice Birss pointed to academic literature that questions whether public blockchains really are decentralized. appeals court reversed that decision back in March, allowing the case to proceed with a trial expected some time in 2024. ![]() Wright said that he lost access to private keys for 111,000 Bitcoins after his home network was hacked the previous year, and that it was the responsibility of key Bitcoin Core (the main version of the Bitcoin protocol software) developers to remedy illegitimate crypto transactions.Īlthough the case was initially dismissed last year before it made it to court, a U.K. The crux of the case in question dates back to 2021 when Wright, through a Seychelles-based firm called Tulip Trading, launched a so-called “letter before action” against 16 Bitcoin software developers, in an attempt to regain access to £4 billion ($5 billion) worth of Bitcoin he claims to own. That’s according to the Jack Dorsey-backed Bitcoin Legal Defense Fund, which is taking on a case to defend 11 Bitcoin developers named in a lawsuit filed by Craig Wright, an Australian computer scientist who emerged into the spotlight back in 2016 with a hotly disputed claim of being Bitcoin’s founding father. A crypto wallet theft lawsuit brought about by a man who claims to be Bitcoin creator Satoshi Nakamoto could jeopardize the future of open source software development.
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