Bitcoin Creator Satoshi Nakamoto created 1 trillion-dollar economy

Today bitcoin is worth more than $1 trillion and has sparked a phenomenon that, its proponents believe, might rewire the entire global financial network. For most people, Satoshi Nakamoto is the most enigmatic character in cryptocurrency. To date, it is unclear if the name refers to a single person or a group of people. A computer scientist who claims to be bitcoin's inventor came out on top Monday in a civil trial against a deceased former business partner's family, which alleged it owed half of a bitcoin fortune worth more than $50 billion.

Now, a million-dollar question is what will happen to the Lawsuit over a $64 billion cache that looks beyond the pseudonym to solve the mystery of who created the cryptocurrency. According to Ira Kleiman, brother of David Kleiman-he was Wright’s partner in writing the Bitcoin white paper under the Satoshi Nakamoto pseudonym and business partner in mining 1.1 million Bitcoins now worth about $65 billion. Kleiman worked at a number of high-tech companies including S-doc where he served as a Chief Information Security Officer.

He was also a contributor to cryptography and security mailing lists, where he actively participated in discussions including technical aspects of cryptosystems and the politics of cryptography. He died at the age of 46 in 2013 after a 1995 motorcycle accident, and was in a hospital for almost 850 days from September 24, 2010, to March 21, 2013. The recent verdict means Craig Wright will get to keep all of the 1.1 million bitcoins that were in dispute in the trial.

The use of cryptocurrency and non-cash payments has exploded across the globe during the pandemic as people's lives shifted online. The family of David Kleiman claimed that Wright and Kleiman created bitcoin together. While it is clear that Kleiman is not the co-founder of Bitcoin, now the cryptocurrency community is looking to see if Wright can prove his ownership of Bitcoin. Doing so would lend credence to Wright’s claim that he is Nakamoto. Though Wright won't have to share any of the bitcoin fortune, he must pay $100 million in damages for the unpaid use of intellectual property to W&K Information Defense Research, a joint venture founded by the two men.

However, Experts say that only someone involved with bitcoin from the beginning would have access to the wallet containing the bitcoin, which is worth about $54 billion. Craig Wright, a computer scientist who claims to be the inventor of Bitcoin, prevailed in a civil trial verdict on Monday against the family of David Kleiman. Kleiman’s family accused Wright of defrauding (Late) David Kleiman of 1.1 million mined Bitcoins and intellectual property rights, adding that Kleiman and Wright were friends and collaborated on Bitcoin’s creation.

A Florida jury on Monday found that Wright did not owe any Bitcoins to the family of Kleiman. However, Wright was ordered to pay $100 million in compensatory damages over a breach in intellectual property rights related to W&K Info Defense Research LLC, a joint venture between Klein and Wright.