The deception claim is said to be in the hundreds of billions of pounds
— Simon Cohen, Managing Partner ONTIER LLP
LONDON, UK, May 4, 2022 /EINPresswire.com/ — Dr. Craig Wright, the inventor of the first successful electronic payment system, Bitcoin, and two associated companies, Wright International Investments Limited (WII) and Wright International Investments UK Limited (WIIUK), have filed intellectual property claims against two currency exchanges – Kraken and Coinbase (NASDAQ: COIN) – for falsely stating that the digital asset “Bitcoin Core” (BTC) is Bitcoin .
The plaintiffs claim that these exchanges, and others, traded – and encouraged investors and consumers to trade and invest – in BTC, passing this asset off as Bitcoin, although it was not created than in 2017 as a different software implementation. separate from the Bitcoin protocol that Dr. Wright set when he created the electronic payment system over 13 years ago. The only digital asset that remains faithful to the original Bitcoin protocol is “Bitcoin Satoshi Vision” (BSV) which is the software implementation of the original Bitcoin protocol. Plaintiffs argue that this misrepresentation by Coinbase and Kraken has caused confusion among holders of digital currency assets as to the authenticity of the assets many have purchased and traded.
Plaintiffs seek an injunction restraining Defendants from promoting BTC as Bitcoin, through improper use of the Bitcoin sign or any visually similar sign or wording.
Claims are likely to amount to several hundred billion pounds when an investigation into the full profit account of each of these exchanges is undertaken by expert witnesses in court.
The proceeding was filed on April 29, 2022 in the Intellectual Property List of the Commercial and Property Courts of England and Wales. They are the first in what will be a series of claims against each of the largest digital currency exchanges, designed to avoid future misperceptions about the true operational nature of Bitcoin.
Bitcoin (BSV) is the fastest, most scalable, most environmentally efficient and regulatory compliant public ledger in existence while still being pegged to Dr. Wright’s original protocol. Dr. Wright fears that no other digital asset inappropriately disguises itself under the Bitcoin moniker.
Simon Cohen of ONTIER said:
“These actions are undoubtedly a game-changer for the digital asset market. Simply put, the plaintiffs’ assertion is that if your digital asset does not strictly adhere to the Bitcoin protocol and is tied to the Bitcoin blockchain, it is not Bitcoin and should not be traded or referenced as such. Product choice is a key driver of innovation, but asset owners need to know exactly what they’re buying, and stability comes from transparency. Bitcoin was always designed to be a peer-to-peer electronic cash payment system, not a store of value. Although this is quite possibly the highest claim ever brought before the English courts, in fact the arguments in support of our clients’ position are straightforward and verifiable.
Dr Wright, WII and WIIUK are advised by ONTIER LLP Partners, Derek Stinson and Aoife Keane, Managing Partner, Simon Cohen and Partner, Tom Leach. Alastair Wilson QC, Michael Hicks and Jamie Muir Wood of Hogarth Chambers are appointed counsel, with additional assistance from Harcus Parker Partner, Damon Parker.
Notes to editors:
Dr. Wright authored the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” and published it in October 2008 under the pseudonym Satoshi Nakamoto. He was unwittingly exposed as Satoshi by Wired magazine in December 2015.
Plaintiffs acknowledge the regulatory responsibilities held by NASDAQ-listed exchanges with respect to these proceedings. The Wyoming State Special Purpose Depository Institution (SPDI) Banking Charter suggests that Wyoming regulators may also seek to assess the implications of these proceedings on Kraken themselves.
This litigation is the latest in a series of legal claims brought by ONTIER LLP on behalf of Dr. Wright and his related entities to enforce his right to protect his legally held digital assets, his reputation as the creator of Bitcoin and his associated intellectual property. :
• In 2021, ONTIER successfully filed a copyright infringement claim against the anonymous digital currency enthusiast operating under the pseudonym “CØbra”).
• Last year, ONTIER also launched a historic action against the developers of BTC, BCH, BCH ABC and BSV to restore control of addresses containing Bitcoin and other digital assets. The defendants’ jurisdictional challenge to this claim is currently being appealed by the plaintiff, Tulip Trading Ltd (the trust beneficially owned by Dr Wright and his family).
• On May 23-24, 2022, Dr Wright’s libel trial against bitcoin commentator Peter McCormack will take place in the High Court in London.
• Similarly, ONTIER is retained by Dr Wright in its English libel action against digital currency enthusiast, Magnus Granath, whose trial is set to be heard in late 2023.
• ONTIER is also advising Dr. Wright on his defense and counterclaim regarding the Crypto Open Patent Alliance’s challenge to Dr. Wright’s authorship of the white paper which will likely be heard in 2023.
Links to profiles:
Derek Stinson, Managing Partner – https://uk.ontier.net/profile/689/derek-stinson/en/
Aoife Keane, Partner – https://uk.ontier.net/profile/735/aoife-keane/en
Simon Cohen, Managing Partner – https://uk.ontier.net/profile/682/simon-cohen/en/
Tom Leach, Partner – https://uk.ontier.net/profile/736/tom-leach/en/
Damon Parker, Partner, Harcus Parker – https://harcusparker.co.uk/people/partners/damon-parker/
Issued on behalf of ONTIER LLP by:
Bell Yard Communications BellYard@bell-yard.com +44 (0) 20 7936 2021
Melanie Riley Melanie@bell-yard.com +44 (0) 7775 591244
Bell Yard Communications
+44 7775 591244
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