On November 10, 2021, in Los Angeles, California, the screen of a Bitcoin ATM displays the logo of the digital currency.
A man who claims to be the inventor of the digital currency, won a major US court case that saved him from paying his former business partner tens of billions of dollars.
Craig Wright implied in a 2016 post that he was the person who created the digital currency, known as bitcoin. Many in the community are skeptical of Wright's claim because he hasn't moved any of the earlybitcoin that was thought to have been mined by Satoshi.
Wright won a civil case against the family of David Kleiman, his business partner and computer forensics expert, on Monday. Half of the 1.1 million bitcoins mined and held by Satoshi were at stake. The intellectual property behind the technology was claimed by the estate.
The prosecution argued that Kleiman was a co- creator of the digital currency. The jury in West Palm Beach sided with Wright and did not award any of the digital currency to Kleiman's estate.
Wright was ordered to pay $100 million in damages for a violation of intellectual property rights in a joint venture with another man. The money will go to W&K.
Immediately following the verdict, Wright posted a video to his social media accounts, saying that he was vindicated.
The South Florida civil suit drew a lot of attention because of the mystery surrounding the founding of bitcoin.
The financial crisis in the U.S. was the time when the white paper on the vision of the digital currency, called bitcoin, was published.
Users were able to mine for thecryptocurrencies after Nakamoto released software.
It was possible to mine for cryptocurrencies on a home PC in the early days. The reward for winning a block was 50 bitcoins. The block reward is down due to an anti-inflationary measure baked into the code, and the process requires specialized equipment.
Nakamoto, who could be one person or a group of people, remained on the scene until 2011, at which point he abruptly left the project after a fellow developer said they had moved on to other things. The creator is thought to have mined as many as 1.1 million bitcoins before he vanished.
If the case had been lost, Wright would have had to make a cache of coins to pay the estate. Wright said he would prove his ownership at trial. He promised to give a lot of his money to charity if he won.
