The mystery of who created Bitcoin, the world’s most popular cryptocurrency, may soon be solved in a UK court.
However, his claim has been met with skepticism and criticism by many in the crypto community, who have accused him of lying and forging documents to support his claim.
Wright is now facing a legal challenge from the Crypto Open Patent Alliance (Copa), a non-profit group of cryptocurrency firms, who want the court to declare that Wright is not Satoshi Nakamoto.
Copa says that Wright has threatened and harassed developers who are working on Bitcoin-related projects and that his claim is based on an “elaborate false narrative” and “forgery on an industrial scale”.
The trial, which started on Monday and is expected to last for five weeks, will examine the evidence and arguments from both sides.
Wright’s lawyer, Lord Grabiner QC, said that Wright had spent many years studying and working on the concepts behind Bitcoin and that he had released the white paper under the name Satoshi Nakamoto.
He said that there was “clear evidence” that Wright was the inventor of Bitcoin, and that he had the private keys to access the original bitcoins mined by Satoshi, which are worth billions of dollars.
For years, Wright has made bold pronouncements, even signing messages with early Bitcoin keys. But critics point out he’s failed to provide conclusive proof, like moving early Bitcoins linked to Nakamoto. COPA further alleges he tampered with evidence, adding another layer of intrigue.
The stakes are high. If Wright wins, it could bolster his claims to intellectual property rights over Bitcoin, potentially impacting its development.
A loss, however, could deal a blow to his credibility and expose him as an elaborate hoaxer.
The judge, Mr Justice Smith, will have to decide whether Wright is telling the truth or not, and whether he can prove that he is Satoshi Nakamoto.
The verdict could have significant implications for the future of Bitcoin and the crypto industry, as well as for Wright’s reputation and fortune.