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Bitcoin 'creator' slapped with $10 billion lawsuit
Craig Wright, the Australian who has previously claimed to be Bitcoin creator Satoshi Nakamoto, is the subject of a multi billion dollar lawsuit. Wright is being sued by the estate of David Kleiman, who was thought to have co-created the cryptocurrency with the Australian. Kleiman passed away in 2013, but Kleiman's brother Ira claims that Wright somehow appropriated his former partner's bitcoin hoard.
Bitcoin is failing as a currency
It's been a good year for bitcoin investors but a terrible one for those who hoped that the cryptocurrency would become the de facto tender for the internet. Satoshi Nakamoto, its creator, may be dismayed at what has become of the project, intended as peer-to-peer electronic cash that didn't require the supervision of banks. Instead, bitcoin has become an investment vehicle, embraced by many on Wall Street, an asset class like every other. For all the success of the blockchain and bitcoin's soaring value, it's clear that Nakamoto's original vision has failed.
It doesn't matter who created Bitcoin
On Monday, Australian Craig Wright told journalists from the BBC, The Economist and GQ that he created Bitcoin. He asserted that he was the figure behind the pseudonym Satoshi Nakamoto and presented Nakamoto's own cryptographic keys as proof. Gavin Andresen, the chief scientist at the Bitcoin foundation, supported him, saying that he verified these as "keys that only Satoshi could possess." But no sooner had the news been made public than people begin to pick holes in the proof that Wright had provided. By Thursday, Wright had withdrawn his claim, saying he didn't "have the courage" to prove he was Satoshi Nakamoto. In four days, he went from being the man behind Bitcoin to a scam artist on the hunt for a little glory.
Craig Wright claims he is Bitcoin creator Satoshi Nakamoto
The search for Bitcoin creator "Satoshi Nakamoto" could be over, again. Almost two years since Newsweek erroneously doxxed a 64-year-old Japanese-American man living in California, the man himself has apparently come forward. So, who is he? According to a joint-investigation between the BBC, The Economist and GQ, the figure behind the cryptocurrency is Australian computer scientist Craig Steven Wright.
Police target the man identified as 'Bitcoin creator'
Australian Federal Police raided the home and offices of Craig Steven Wright, the man named in Gizmodo and Wired reports as the possible mind behind Bitcoin. A dozen officials entered a home he was renting and offices registered to him, telling a Reuters reporter they were "clearing house." They also directed any questions to the Australian Tax Office, which has yet to comment. Wright has had previous run-ins with tax officials, and Wired reported that he may possess Bitcoins "easily worth a nine-figure fortune." However, the Guardian reports that the raids are unrelated to any possible role that Wright had in creating the crypto-currency.
Wired thinks it knows who founded Bitcoin
The person responsible for creating Bitcoin remains a mystery, though Wired is convinced it's a 44-year-old Australian man named Craig Steven Wright. The founder is commonly referred to as Satoshi Nakamoto, though that name appears to be a pseudonym. Wired's assertion comes after it sifted through a trove of emails, transcripts and since-deleted blog posts largely provided to the site by dark-web analyst Gwern Branwen.
Dorian Nakamoto is raising money to sue Newsweek
March was a busy month for Dorian Satoshi Nakamoto -- Newsweek named him as the "face behind Bitcoin," a cryptocurrency the California resident claims to have only heard about a few weeks before the article's publication. Nakamoto hired a lawyer and issued a unconditional denial of allegations. Now it seems like that lawyer is about to go to work: Nakamoto has launched a legal defense fund to help pay for an impending lawsuit against Newsweek. The fund's URL and official Twitter account are bluntly named, and to the point: "NewsweekLied."
Weekly Roundup: Bitcoin founder unveiled, Apple CarPlay hands-on and more!
You might say the week is never really done in consumer technology news. Your workweek, however, hopefully draws to a close at some point. This is the Weekly Roundup on Engadget, a quick peek back at the top headlines for the past seven days -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
Bitcoin's elusive founder reportedly discovered living in California (update: maybe not)
There have been many theories bandied about as to the true identity of Satoshi Nakamoto, the creator of Bitcoin. Nothing conclusive has married the name to an individual or group, but now Newsweek claims to have found the Nakamoto, a 64-year-old Japanese-American man of the same name residing in California. Allegedly living an understated life, Nakamoto's said to no longer be connected to the digital currency he's implicated in making. We know this all sounds annoyingly cut and dried (a story's often more exciting than the reality, after all), but there's still Nakamoto's name changes and classified government work, among other things, to keep things mysterious. Whether this truly is the father of Bitcoin is still up for discussion, too -- there's still been no clear admission as such -- so we'll just point you to the Newsweek piece and let you make your own mind up. Update: After an eventful day of dodging reporters and engaging in a multi-car chase through Los Angeles, Nakamoto has sat down with the Associated Press to strongly deny he has anything to do with the digital currency. Indeed, he told the AP that he's never even heard of Bitcoin until three weeks ago when his son told him a reporter called to ask questions about it. However, the Newsweek article itself quotes Nakamoto's brother as saying that "he'll never admit to starting Bitcoin" and that "he'll deny everything." All of which is to say the true identity of Bitcoin's founder remains very much unconfirmed. Update 2: Apparently the genuine Satoshi Nakamoto has just posted on to the P2P Foundation (a forum for peer to peer currency) stating that he is not Dorian Satoshi Nakamoto, the person whom Newsweek fingered as Bitcoin's founder.
Engadget Primed: The rise (and rise?) of Bitcoin
Ask anyone about why Bitcoin has suddenly risen to prominence and they may offer one of a number of theories. Perhaps it'll be the one about Cypriots smuggling money out of their country, or the promise of a digital gold rush, or perhaps the tale of a disruptive new economy created by a person who may not even exist. Either way, if you'd like to untangle the myths, half-truths and labored economic newspeak behind the world that is Bitcoin, why not join us after the break?
