COPA Victory: Court Declares Craig Wright Not Satoshi NakamotoAustralian Court Rules Computer Scientist Not Creator of Bitcoin

An Australian court has ruled that Craig Wright, a computer scientist, is not the mysterious "Satoshi Nakamoto" who created the cryptocurrency bitcoin back in 2008.

This ruling came after a lengthy trial brought forth by the Crypto Open Patent Alliance (COPA), a non-profit organization aimed at keeping cryptocurrency technology free from patents.

The 53-year-old Wright has been claiming since 2016 that he is Satoshi Nakamoto and that he is responsible for the creation of the white paper that introduced the world to the most popular cryptocurrency. However, the judge, James Mellor, comprehensively dismissed Wright's claims, stating that the evidence against him was "overwhelming." He also declared that Wright was not the person who used the pseudonym Satoshi Nakamoto between 2008 and 2011, nor was he the one who created the bitcoin system or wrote the initial versions of the software.

Wright, who has described himself as the "creator of bitcoin" on social media platform X, has been involved in several lawsuits surrounding this issue. However, this time, it was COPA who took legal action against him. The organization, consisting of major players in the industry such as Coinbase and Block, issued a statement saying that the ruling was a victory for developers, the open-source community, and the truth. They also accused Wright of lying about his identity for over eight years and using it to intimidate developers in the bitcoin community.

This decision may also impact another lawsuit in which Wright is suing 26 developers, including Coinbase, for allegedly infringing upon his intellectual property rights. Meanwhile, the price of bitcoin reached a new high of $73,797 on the same day as the ruling.

This surge in price can be attributed to various factors, including the easier accessibility for trading and the launch of new investment vehicles such as bitcoin-indexed exchange-traded funds (ETFs). These developments have made it possible for more people to invest in bitcoin without directly owning it. Major companies like Grayscale and BlackRock are also now investing in the digital token.

The impending technical event known as halving, which occurs every four years, is also believed to have contributed to the rise in bitcoin's value. This involves reducing the reward for "mining" bitcoin, which limits the supply of new units and slows down their creation.

Despite its recent success, the cryptocurrency sector has been struggling to restore its reputation after the collapse of several major players, including the FTX exchange platform in November 2022. The founder of FTX, Sam Bankman-Fried, was found guilty of embezzling billions of dollars in customer deposits without their consent, causing bitcoin's price to plummet. This has been a recurring pattern in the history of cryptocurrency, with its value seeing drastic fluctuations over the years.

David Lamy
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David Lamy owns the Bachelor in Atmospheric Science Degree. He is associated with Industry News USA from last 2 years. With proficiency in his work, David obtained a strong position at Industry News USA and heads the Science section. “Weather forecasting” is the field of his interest. He bags total 5 years of experience in this field. Apart from his routine work, David loves to explore his cooking skills. He has participated in various cookery shows.