What is Bitcoin?
The seemingly unstoppable rise of Bitcoin continued with the cost of a single unit of the digital currency rising above $50,000 for the first time.
NEW YORK (AP) – Craig Wright, a computer scientist who claims to be the inventor of Bitcoin, prevailed in a civil trial verdict Monday against the family of a deceased business partner that claimed it was owed half of a cryptocurrency fortune worth tens of billions.
A Florida jury found that Wright did not owe half of 1.1 million Bitcoin to the family of David Kleiman. The jury did award $100 million in intellectual property rights to a joint venture between the two men, a fraction of what Kleiman’s lawyers were asking for at trial.
RELATED: What is cryptocurrency?
“This was a tremendous victory for our side,” said Andres Rivero of Rivero Mestre LLP, the lead lawyer representing Wright.
David Kleiman died in April 2013 at the age of 46. Led by his brother Ira Kleiman, his family has claimed David Kleiman and Wright were close friends and co-created Bitcoin through a partnership.
At the center of the trial were 1.1 million Bitcoin, worth approximately $50 billion based on Monday’s prices. These were among the first Bitcoin to be created through mining and could only be owned by a person or entity involved with the digital currency from its beginning — such as Bitcoin’s creator, Satoshi Nakamoto.
Now the cryptocurrency community will be looking to see if Wright follows through on his promise to prove he is the owner of the Bitcoin. Doing so would lend credence to Wright’s claim, first made in 2016, that he is Nakamoto.
The case tried in federal court in Miami was highly technical, with the jury listening to explanations of the intricate workings of cryptocurrencies as well as the murky origins of how Bitcoin came to be. Jurors took a full week to deliberate, repeatedly asking questions of lawyers on both sides as well as the judge on how cryptocurrencies work as well as the business relationship between the two men. At one point the jurors signaled to the judge that they were deadlocked.
Craig Wright, self declared inventor of Bitcoin, arrives at federal court in West Palm Beach, Florida, U.S., on Friday, June 28, 2019.
Bitcoin’s …….