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- Craig Wright calls XRP fans blindly following a ‘cultist army.’
- The case between Tulip Trading and 16 developers for retrieval of $5.7 billion worth BTCs.
A computer scientist and self-proclaimed Bitcoin creator had recently criticized the Ripple ecosystem and all its backers. Referring to their support of Tulip Trading and how the community understands the end of the pyramid scheme of Ripple and XRP.
The Cult that is XRP
Wright particularly called the XRP fans to be blindly following the game and are a part of a ‘cultist army.’ Further claiming that the community knows very well that the token could end up, as their pyramid scheme is under a years-long legal dispute with the Securities and Exchange Commission of the United States.
The Tulip Trading Case
The statements made by Wright suggest that the XRP fans were very closely monitoring the case between Tulip Trading against 16 developers, where the Australian computer scientist and UK resident had launched a lawsuit against 16 BTC developers for the retrieval of $5.7 billion worth of Bitcoins.
The case seeks access to nearly 111,000 BTCs from two addresses without private keys. As per the filings in the London High Court, Wright claims to lose the private keys in a hacking incident on his home computer in February 2020, which is already under further investigation.
The case in question is against the developers from four different networks; Bitcoin Satoshi Vision (BSV), Bitcoin Core (BTC), Bitcoin Cash ABC (ABC), and Bitcoin Cash (BCH). The developers are accused of having ‘fiduciary duties’ and ‘duties in tort’ for re-writing or amending the protocol code, which seemed to give Wright access to the 111,000 Bitcoins.
XRP is a ‘fraudulent scheme’: Wright
Wright proposes a complete XRP wipeout calling the protocol a ‘fraudulent scheme.’ Also, questioning the authenticity of many Ripple projects with the platform moving its power to cross-border transactions.
Ripple is a ‘bad joke’: Wright.
Wright also called XRP a ‘bad joke,’ stating that the asset must not be termed a cryptocurrency but a scam. It should be noted that the self-proclaimed Satoshi Nakamoto does not have a good image for the Ripple community and XRP and is involved in many Twitter altercations against them. Questioning the very viability of XRP, furthermore saying it to be a ‘useless pump and dump scheme.”
The Ripple vs. SEC case has been going on since December 2020, with SEC arguing that XRP is security while Ripple says otherwise. Both parties have submitted their respective arguments and papers and are awaiting the final verdict. The result of the trial is expected in the first half of 2023.
Craig Wright and Controversies
When Craig claimed to be the Bitcoin founder Satoshi Nakamoto, it created a serious controversy.
The controversy extended outside the vicinity of the crypto industry, where the majority claimed that his Ph.D. thesis was plagiarized. Also, a federal court in West Palm Beach, Florida, ruled that he must pay $43 million to a joint venture of which he was a co-founder for the illegal seizure of certain intellectual property.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
