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- 1 Tulip Trading is owned by Craig Wright who claims to be the father of Bitcoin.
- 2 The company has filed a lawsuit against 12 developers for not following their fiduciary rights.
- 3 On the other hand, the developers have filed an application to debunk Tulip’s claims.
Tulip Trading is a holding company created by Craig Steven Wright. He is an Australian computer scientist and businessman known for his claims about Bitcoin. He claimed that he spearheaded the team that created Bitcoin. However, no one could find any evidence so his assertions remain unapproved. His company has come into the limelight due to a lawsuit that it filed.
Insights Into The Case
Recently, Tulip Trading filed a lawsuit against 12 Bitcoin Core developers. According to the company, it lost around 111,000 Bitcoins due to a hacking attempt in 2020. Moreover, they are saying that the Bitcoin developers had the duty of recovering those lost assets.
On the other hand, the lawyers of the developers argued that Tulip Trading never owned those Bitcoins. Tulip Trading said in the court that the developers had access to the Bitcoin with accessible private keys. The documents also claim that some of those developers are no longer contributors to Bitcoin anymore. Some have willingly given it up after the lawsuit.
The Judgement of Last Year
According to the documents, the value of Bitcoin comes to 4.5 Billion euros. Interestingly, the London court ruled in favor of developers last year. The judges said that they find developers to be fiduciarily responsible to find Bitcoin. For many obvious reasons, the case got the attention of the entire crypto community.
Twist in the Case
While the company is persuasive in proving the developers wrong, the latter filed a preliminary issue application. The filing aims to prove many of the plaintiff’s claims wrong. According to the litigant, 111,000 Bitcoin were stolen from the Mt Gox exchange. The lawyers representing developers say that the litigant lacks any substantial evidence.
The application states that the claim made by the litigant is totally baseless. It also says that the Tulip has tried to abuse the whole process. The defendants appeal to the court to bring more transparency into the case. They beseech the courts to resolve this issue by addressing some key points. According to them, the application serves as evidence Tulip just seeks surreptitious gains.
Furthermore, the developers are demanding a security payment of $1.63 Million to cover the cost of the case. They continue to argue that Tulip never owned the coins. Elliss, the lawyer representing the developers argues that Wright is claiming ownership of BTCs, he’s also accepting that stole 80,000 BTC.
To explain the claim, she further explains the whole incident. She said that Bitcoin originated from a well-publicized exchange on a Japanese exchange in March 2014. His wallet fees have been denied by the network. Thus, if he claims the tokens, then he probably stole them from the chain.
It must be noted that the developers are supported by the Bitcoin Legal Defense Fund. It is a non-profit organization that was founded by former CEO Jack Dorsey.
The crypto community will have to wait and see how this case unfolds. While the sentiment favors developers, the verdict cannot be anticipated.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
