Skip to main content

Bitcoin’s Purported Creator Says Fortune May Remain Locked

Bitcoin’s Purported Creator Says Fortune May Remain Locked(Bloomberg) -- The man who claims he invented the world’s largest cryptocurrency and was ordered by a judge to surrender about $3 billion of his Bitcoin holdings said he may not be able to do so anytime soon.In a statement to Bloomberg News, Craig Wright said that he “cannot be certain that information will in fact arrive” to help identify the coins he has to split in a legal dispute. The Australian scientist added that he hasn’t said the “private keys” to those coins would become available or be actually used next month.Earlier this year, U.S. Magistrate Judge Bruce Reinhart in West Palm Beach, Florida, said Wright submitted false documents and lied in the legal dispute. He ruled that the late Dave Kleiman owned half of all Bitcoins that Wright mined through 2013, and half of all intellectual property he created. At the time, half of the Bitcoins was valued at about $4 billion, but the digital token’s price has declined since. The ultimate test may be whether Wright is actually able to deliver the Bitcoins to his former partner’s estate.Wright is a controversial figure, with many in the cryptocurrency community believing he didn’t invent Bitcoin and doesn’t have any extensive holdings. Still, some investors have been concerned that a dump of the coins, supposedly locked in a complicated trust holding about $6 billion, could affect the market.“I do not intend to dump my family’s BTC as some people suspect or want, as this would hurt many people in the industry,” Wright said in the statement, referring to his Bitcoin fortune.Judge Reinhart found “clear and convincing evidence” that demonstrates the encrypted trust file doesn’t exist and that Wright’s testimony about it was “intentionally false,” Vel Freedman of Roche Freedman LLP, representing the Kleiman estate, said in an email. The plaintiffs’ position has always been that Wright has access to the Bitcoin now and “no bonded courier” needs to arrive for him to get access, he added.The lawsuit has yet to be resolved. Wright will give his next deposition on Jan. 14-15, according to his representative.(Adds dates of Wright’s next deposition as Jan 14-15.)\--With assistance from Peter Blumberg.To contact the reporter on this story: Olga Kharif in Portland at okharif@bloomberg.netTo contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, ;Jeremy Herron at jherron8@bloomberg.net, Rita NazarethFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.




from Yahoo Finance https://ift.tt/2MBTOgD

Labels:

Comments

Post a Comment

Popular posts from this blog

Photo finish: Crashing sales force Olympus to sell iconic camera business

Sometimes, the vicissitudes of capitalism force companies to exit the businesses for which they’re best known. Olympus, once a leading light in the photography industry, is now joining that list. On Wednesday, the company said it planned to quit its 84-year-old camera business. The imaging giant, known for its once-pervasive digital cameras, agreed to sell off the declining unit by year’s end. Japan Industrial Partners, a private equity firm best known for buying Sony’s struggling Vaio computer line in 2014, agreed to purchase the business. Terms of the deal were not disclosed. A glance at Olympus’s financial statements provides all the rationale for the divestiture; as at rival manufacturers, camera sales have plummeted over the past decade. For the fiscal year ended March 31, Olympus’s camera unit declined 10% versus the year prior to  ¥43.6 billion, or $407 million. The unit’s sales have collapsed by three-quarters from a decade ago, when the company brought in ¥175 billion, or $
Post a Comment
Read more

WHO says common steroids can slash death risk for the sickest coronavirus patients

Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism,  subscribe today . An old drug can learn new tricks during the coronavirus pandemic. That’s the main takeaway from the World Health Organization (WHO) in a new analysis of corticosteroids—a class of drugs which have existed for dozens of years and are far cheaper than new, experimental COVID treatments in development—suggesting that drugs like dexamethasone can slash the chances of COVID-19 related deaths by as much as 35% in the sickest patients. The WHO analysis of coronavirus drugs encompassed seven separate studies. And while an analysis of this sort—what’s called a “meta-analysis”—isn’t as rigorous as other types of trials like a randomized controlled study, the data are compelling. Corticosteroids have a very different action mechanism from many of the other coronavirus drugs in development. COVID-19 is a peculiar disease. Some who have been infected may be
Post a Comment
Read more