High Court claim involving claimed Bitcoin creator – one to watch

High Court claim involving claimed Bitcoin creator – one to watch

A claim is being brought in the High Court by Tulip Trading Limited, a company ultimately owned by Dr Craig Wright and his family. Dr Wright says he created the Bitcoin system under the pseudonym ‘Satoshi Nakamoto.’

Tulip claims to own Bitcoin worth around USD 4.5 billion. In February 2020, the private keys enabling access to the Bitcoin were deleted by hackers who accessed Dr Wright’s computer and he is now unable to access the Bitcoin.

The claim is novel and of particular interest because Tulip is seeking to demonstrate that open-source software developers who worked on the Bitcoin Core and Bitcoin Cash ABC software owe tortious and fiduciary duties to Tulip which require them to re-write or amend the underlying software code to enable it to access the Bitcoin.

In a recent interim hearing in the claim dealing with security for costs, the Court gave an initial view on the allegation that the alleged tortious and fiduciary duties subsist in this context: “I accept that the merits of the claim that the defendants owe the claimant the duties alleged are not on their face strong.

However, this is only a preliminary view, and the Court is expected to examine the merits of the allegations further at an upcoming hearing on jurisdiction. Any further commentary given by the Court on the merits of the claim will be of great interest to crypto asset owners and software developers alike.

The recent judgment can be found below.

Recent posts

Previous
Next
AI Report
Read more
Baby Reindeer, internet sleuths and the perils of jigsaw identification
Read more
What businesses should consider before implementing monitoring
Read more
'Consent or pay’: the EDPB’s two cents on the right model
Read more
Take note: new guidance on the ICO’s penalties and fines
Read more
Labour’s proposed secondary ticketing reforms
Read more
The abolition of non-domicile in the Spring Budget
Read more
Content moderation: the ICO's guide
Read more
The Government moves to address unlawful immigration exemption under the Data Protection Act 2018
Read more
How can I get probate to sell my property?
Read more

More from this author

Previous
Next
Positive Development for Cross-Border Enforcement
Read more
Dispute Resolution in the Metaverse
Read more
How brands can adopt generative AI and avoid disputes
Read more
Digital Assets: Final Report
Read more
Service of Court documents via NFTs – no longer a novelty
Read more
High Court claim involving claimed Bitcoin creator – a significant Court of Appeal judgment
Read more
Significant Court of Appeal Judgment on Limitation of Liability in IT Contracts
Read more
Meet you in the Metaverse
Read more
High Court claim involving claimed Bitcoin creator – the latest twist
Read more
New Podcast: Succession & Digital Assets
Read more
Tech and Sport podcast now live
Read more
Jurisdiction in 2021: LexisNexis webinar
Read more
Smart legal contracts: important update
Read more
Latest trends in data protection enforcement
Read more
Listen to our new podcast episode on NFTs
Read more
Listen to our first Digital Download podcast
Read more
Lawtech UK feasibility study
Read more
Jurisdiction post Brexit: Lugano Convention update
Read more

Share this page