Self-proclaimed Bitcoin creator Craig Wright has filed a petition against two major cryptocurrency exchanges, Coinbase and Kraken. The petition over intellectual property claims was filed on 29 April 2022 through the London-based international law firm, Ontir.
The latest development marks another legal battle being initiated by Craig Wright, a self-named Bitcoin creator who has failed to cryptographically confirm that they’re Satoshi Nakamoto, the real inventor of Bitcoin.
Craig Wright Sues Coinbase and Kraken
The controversial Australian computer scientist, together with two companies associated with him, Wright International Investments Limited (WII) and Wright International Investments UK Limited (WIIUK), claim that both crypto exchanges are misrepresenting Bitcoin Satoshi Vision (BSV) as Bitcoin Core (BTC), thereby misleading the public.
BitcoinSV is not listed for trading on either Kraken or Coinbase. Hence, the allegations claim that the exchanges are misleading users to trade Bitcoin (BTC) instead of BitcoinSV (BSV).
Recall that BitcoinSV was launched back in November 2018 after a hardfork war in the Bitcoin Cash (BCH) community which led to a split in the BCH network. Since then, Craig Wright and the BitcoinSV community have tried to market the cryptocurrency as the original Bitcoin.
However, it is worth noting that BitcoinSV has been on a downward spiral, losing its place among the top cryptocurrencies and currently struggling to hold a $1 billion market capitalization. The asset is 85% of its all-time high of $491 according to data from CoinMarketCap.
(BSV Price History)
Claims Could Be Worth Several Billion Pounds
The Claimants argue that both cryptocurrency trading platforms have been marketing Bitcoin (BTC) to investors and traders as BitcoinSV, stating that the virtual asset is different from the Bitcoin introduced 13 years ago with a separate network.
Craig Wright asserts that Bitcoin SV is the only true Bitcoin and should not be confused with Bitcoin Core. The computer scientist noted that the misrepresentation of the digital assets by the said exchanges has caused confusion within the crypto community in regards to the authenticity of the assets in their possession.
Wright further stated that he wants to protect consumers from “fraud” and “deception” by making sure the exchanges stop promoting Bitcoin Core as BSV in any way either by signs, wording or similar visual representation of the asset.
“These actions are undoubtedly game-changing for the digital asset market. Simply put, the Claimants’ assertion is that if your digital asset doesn’t strictly adhere to the Bitcoin protocol and are linked to the Bitcoin blockchain, they are not Bitcoin and should not be marketed or referenced as such. Product choice is a vital driver of innovation – but asset-holders must be aware of exactly what they are buying and stability comes from transparency,” said Simon Cohen, managing associate at Ontir.
Ontier has already filed a lawsuit form with the English High Court backing its clients’ claims. The law firm presumes that the lawsuit could be worth more than a billion pounds when the two exchanges’ accounts are investigated by the court.
Under IP claim laws, Coinbase and Kraken are required to respond with proof to back or disapprove of the claims.
Source: https://coinfomania.com/craig-wright-coinbase-and-kraken-ip-lawsuit/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=craig-wright-coinbase-and-kraken-ip-lawsuit