The controversial CEO of Bitcoin SV Craig Wright has told a court that he cannot access his BTC fortune, thereby potentially forfeiting a payout of approximately $4 billion worth of the cryptocurrency to a former business partner’s brother.
The Bitcoin SV founder has become embroiled in a legal battle with ex-partner Dave Kleiman’s* brother, Ira Kleiman, who alleges that the duo mined over a million bitcoin together and that Mr Kleiman was cheated out of his share.
The Kleiman estate successfully sued Wright in August of this year and now wants his half of 1.1 million bitcoin, ($8 billion at the time of writing).
However, in an unexpected turn of events Mr Wright has now claimed that he cannot retrieve the keys to unlock the bitcoin, and that he doesn’t know when he they’ll arrive.
Moreover he said that he never told the court that the “private keys” to the fortune would be made available in January as expected.
“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.”Craig Wright, Bitcoin SV CEO
The crypto world have been on tenterhooks worried what the movement of such a huge number of bitcoin would do if they were accessed and dumped.
Wright is the CEO of Bitcoin SV, and he claims to be Satoshi Nakamoto, the creator of Bitcoin, although many believe this claim to be untrue.
The controversial cryptocurrency he created, which is a hard fork of Bitcoin cash, was blamed for a horrific market crash that happened in November 2018.
It caused Bitcoin’s price to drop below $6000 to the low $3000s and it remained there for 3 months.
The lawsuit has not been resolved as of yet and the case continues.
* Dave Kleiman unfortunately died in 2013. The case was brought forward by his brother Ira and the Kleiman estate.