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Jack Dorsey wants to give Bitcoin developers a boost through nonprofit

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Jack Dorsey claims he is creating a nonprofit to pay the legal bills of Bitcoin developers who were sued in Australia by an Australian computer scientist who claimed to be the founder of the popular cryptocurrency.

On Wednesday, the former CEO of Twitter sent an email to a mailing list full of cryptocurrency creators informing them of the creation of the Bitcoin Legal Defense Fund.

The nonprofit will pit Dorsey’s financial muscle against the litigious Craig Wright, who has targeted a number of crypto developers in the so-called Tulip Trading lawsuit.

Wright filed suit against 16 software developers in London last spring alleging they refused to help him recover 111,000 bitcoins which he claims belong to him.

Wright accused the developers of refusing Wright the keys to access the currency. It is now worth approximately $4.8 billion. Bitcoin traded at $43,183.60 on Thursday

Wright claims he was part a team that created Satoshi Nakamoto (the mysterious figure who is credited as having developed Bitcoin more than ten years ago). Wright also claims he is the owner 1.1 million Bitcoins, which would put Wright’s net worth at approximately $47.5billion.

The crypto community has largely dismissed Wright’s claims.

Wright’s case is being brought against the developers of four networks — Bitcoin Satoshi Vision (BSV), Bitcoin Core (BTC), Bitcoin Cash (BCH) and Bitcoin Cash ABC (ABC) — at addresses in continental Europe, the United States, New Zealand, Australia and Japan.

Craig Wright, an Australian computer scientist, claims to have been Satoshi Nakamoto the inventor of Bitcoin.

Wright failed to prove ownership, the developers claimed.

Dorsey is now the CEO at Block, formerly Square. “The Bitcoin community is currently the subject of multi-front litigation”This has compelled some developers. “capitulate in the absence of legal support.”

“The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills,”Dorsey wrote.

“This is a free and voluntary option for developers to take advantage of if they so wish.”

Wright claimed in his legal filing that he lost his encrypted keys after his home network was hacked in February 2020.

“Our client has always maintained that he created bitcoin to operate within existing laws and that in the event of loss or theft, where legitimate ownership can be proven, the developers have a duty to ensure recovery,” said Wright’s lawyer, Paul Ferguson.

In October, Dorsey’s digital payments company announced that it was investing $50 million in Bitcoin.

Since its founding in 2008, Bitcoin’s value has skyrocketed. One Bitcoin was worth more that $42,875 as of Friday. AFP/Getty Images

The company claimed that the investment was made because it “believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system.”

In November, Dorsey declared that he would be leaving Twitter as CEO. Parag Agrawal was his hand-picked successor.

Wright won a Florida court last month after David Kleiman’s family sued him for half the 1.1 million Bitcoin fortune.

The Kleiman family claimed that because David co-created the cryptocurrency with Wright, they were entitled half of the amassed wealth.

A federal jury ruled in Wright’s favor, though he was ordered to pay $100 million in compensation for a breach in intellectual property rights.

Kleiman and Wright formed a joint venture known as W&K Info Defense Research LLC. The company will receive the $100m in damages and not the Kleimans.

Bitcoin was born in 2008 when Nakamoto published an open source paper that introduced a new type of digital currency. This currency could be used anywhere without the need for central banks. Its initial worth was less than a penny.

Nakamoto was a regular communicator with a small group, mostly via email but never over the phone or in person, during the initial years of Bitcoin.

Then, on April 26, 2011, Nakamoto disappeared — posting a farewell message to the community that concluded, “I’ve moved on to other things” — and has not been definitively heard from since.

For the next four years, things remained quiet. Wright declared that he was Nakamoto on May 16, 2016, but he hasn’t provided any definitive proof.

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