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Craig Wright’s Tulip Trading discontinues High Court of England and Wales claim against bitcoin developers; indemnity costs after finding he is not Satoshi Nakamoto

Published on: 17 June 2024

Published by a Law360 reporter
Legal News
Article summary

Tulip Trading

Tulip Trading, the firm controlled by computer scientist Craig Wright, has withdrawn a concurrent legal action it had been pursuing against a cohort of bitcoin developers. Wright, an Australian who asserted he was Satoshi Nakamoto, bitcoin’s creator, was rebuffed by a searing May judgment handed down confirming he is not Satoshi. A formal notice discontinuing the proceedings was issued to both parties on 16 April 2024, per submissions further presented to the High Court on 14 June 2024 from Adam Baradon KC of Blackstone Chambers, acting for Tulip Trading and Craig Wright. In the Tulip Trading matter, Wright’s firm had brought a claim against 16 bitcoin network developers, alleging that it is unable to directly reach digital assets valued at £4.5bn because its private keys—the code governing control of those assets—were erased in a hack. Tulp resolved to...

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