May 29, 2022

Brighton Journal

Complete News World

Bitcoin Price Reaches All-Time High as Satoshi Nakamoto Trial Proceeds to Third Week

The Kleiman v Wright civil trial, which has captured the attention of mainstream media, is entering its third week. And the world is watching as the stakes continue to rise with the value of the 1.1 million Bitcoin owned by Craig Wright as Satoshi Nakamoto reaches an all-time high of over $75 billion.

Ira Kleiman, brother of the late David Kleiman and is representing his estate and W&K Info Defense Research, LLC, is alleging through this lawsuit that David Kleiman was in partnership with Wright in writing the Bitcoin white paper and in mining the 1.1 million Satoshi coins through W&K Info Defense Research, LLC.

Wright’s defense aims to prove that Wright alone wrote the Bitcoin white paper, and thus, the sole creator of Bitcoin. According to Wright, while David Kleiman was his best friend, partner in many projects and provided invaluable moral support in the creation of Bitcoin, they did not mine the coins in question together.

In fact, the W&K Info Defense Research, LLC that was set up in the United States with David Kleiman did not mine Bitcoin at all. The one that mined Bitcoin was the entity of the same name that was established in Australia soon after Bitcoin was created.

Wright has not denied that he had help in making Bitcoin a success; however, he maintains that the fact that they helped does not make each and every one of them Satoshi Nakamoto. The same goes for David Kleiman, whose role Wright claimed he exaggerated because he wanted his best friend not to be forgotten.

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Ira Kleiman’s allegations actually stemmed from Wright’s personal communication with the former about his brother’s death. Wright, in good faith, told Ira Kleiman that David Kleiman might have a considerable amount of Bitcoin in his possession before he died—even cautioning him not to delete David Kleiman’s hard drives, which Ira Kleiman claimed he had already done.

In so doing, Wright opened himself up to litigation by Ira Kleiman, who has also sued two of his brother’s best friends and business partners in the latter’s search for anything of value his brother may have left behind.

Q: You were maintaining multiple suits claiming multiple of Dave’s friends [had Bitcoin belonging to Dave]?

A: Yes.

Q: You sued all of Dave’s best friends?

A: Yes.

At the time of David Kleiman’s death in April 2013, the 1.1 million Satoshi coins were valued at $7.1 billion. When Ira Kleiman filed this lawsuit in 2018, the price had reached $7.1 billion, and during the first week of the trial had reached an all-time high of over $75 billion.

Although it could be said that Wright’s detractors—those in the BTC camp who insist on believing that Wright is not Satoshi Nakamoto although this trial has already proven that he is at least half of the famous pseudonym—are just creating a diversion with the Bitcoin price increase, with Tether reportedly printing $3 billion worth of USDT and releasing it into the digital asset market in the start of November. Actions like this are usually followed by a price pump.

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Whether or not the price of BTC has been manipulated in order to allay doubts as to the possible negative implications of Wright being verified as Satoshi Nakamoto in the Kleiman v Wright trial, the fact remains that the trial will have an effect on the world of digital currency. What they could be, people can only watch and see for now.