Skip to content

Court: Self-proclaimed Bitcoin inventor to pay $43 million for illegally seizing intellectual property

Court: Self-proclaimed Bitcoin inventor to pay $43 million for illegally seizing intellectual property

A federal court in West Palm Beach, Florida, decided on Wednesday, March 9, that self-proclaimed Bitcoin (BTC) founder Craig Wright must pay $43 million to a joint venture he co-founded.

According to a ruling issued [PDF] by U.S. District Judge Beth Bloom, Wright must pay an additional $43 million to a joint venture he co-created, on top of the $100 million judgment against him last year.

In December, a jury determined that Wright had illegally taken intellectual property belonging to the joint venture with late computer forensics specialist Dave Kleiman, W&K Info Defense Research. 

According to the court’s final decision, the extra $43 million in interest on damages sustained by W&K from the time he seized possession of the IP in 2013 until the court’s final verdict.

For his part, Wright claimed that W&K should be entitled to interest solely for the period from October 2021 through December 2021, when the IP’s value was at its peak.

A historical precedent in crypto and blockchain

W&K’s lawyers stated in a statement that the ruling, like the verdict, “sets a historical precedent in cryptocurrency and blockchain.” 

In 2018, Kleiman’s brother filed a lawsuit against Wright on his brother’s behalf, saying that Wright had stolen intellectual property relating to blockchain technology from W&K, as well as 1.1 million Bitcoin.

According to court documents, Satoshi Nakamoto, who published a white paper defining the architecture for what would become bitcoin, was the one who mined the cryptocurrency. Wright has claimed that he is Nakamoto, a claim that has been challenged. 

However, the jury found Wright not to be liable for any other charges, including theft and fraud and determined that W&K and Kleiman were not entitled to any of the disputed bitcoin. 

In the case, Kleiman claimed that the assets were worth more than $11 billion. The 1.1 million Bitcoins would be worth $43 billion if they were mined today.

Notably, last year, Craig Wright had first launched a lawsuit against 16 Bitcoin developers in a bid to retrieve Bitcoin worth $5.7 billion at the time. While it was In 2016, the controversial figure also alleged he was the inventor of the Bitcoin whitepaper under the pseudonym Satoshi Nakamoto.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.