- Former Twitter CEO Jack Dorsey and others are planning to set up a defense fund for the developers of Bitcoin to fight off the legal battle.
- 16 Bitcoin developers will receive assistance through the fund who are currently facing a multi-billion dollar lawsuit, regarding the accessibility to the wallets of Bitcoins.
- The raising of more funds regarding the operation will be taken care of by the board of directors.
Legal Action Having the Deliberate Effect
As of now, the bitcoin community is facing a multi-front lawsuit. Constant threats and the litigation are giving deliberate effects, solo defendants are surrendering due to no lawful assistance. Open-source developers, who are usually liberated, are bowing down to the legal force. A formalized and coordinated response was proposed to counter the situation by Jack Dorsey for providing assistance to the Bitcoin developers. Bitcoin Legal Defense is a non-profit body to fight off legal aches that discourages the active development of Bitcoin and associated projects like the Lightning network by the developers.
The primary objective of the Fund is to create a defense for the developers against the lawsuits disrupting the Bitcoin ecosystem activities, which includes discovering and retention of a defense counsel, developing plans regarding the litigation, and payment of legal bills. The opportunity is voluntary and free for the developers, which they can take advantage of if they are willing to.
Legal Barriers Hampering The Progress
The developers are currently not working on the development of Bitcoin lately due to legal barriers. Work development protocols like the Lightning Network and Bitcoin are flagged. The Bitcoin Defense Fund is established as a not for profit entity for the alleviation of these barriers. Developers of the Bitcoin will be supported by the volunteering as well as part-time lawyers for the time being. As per an email, legal battles that are being faced by the Bitcoin developers will not be managed by the funds automatically.
Tulip Trading Will ‘Open’
As per the news, defendants and lawsuits will be recognized by the fund management that it is going to support. A law firm of Craig Wright’s Tulip Trading Limited, Ontier LLP, was given the green light to sue a total of 16 developers related with the Bitcoin for funds from the Mt. Gox exchange.
It was written by Wright’s lawyers that the fact that Tulip Trading’s encrypted and virtually stored bitcoin keys were stolen by someone doesn’t stop the developers for the implementation of codes that will enable the authentic owner to regain governance of their Bitcoins.
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