Home » Craig Wright Challenges a Court Order to Pay 500K Bitcoin

Craig Wright Challenges a Court Order to Pay 500K Bitcoin


Craig Wright, Bitcoin’s (BTC) self-proclaimed creator, intends to challenge a recent court order that petitions him to pay exactly 500,000 Bitcoins to the Kleiman estate.

Wright’s attorney Andres Rivero filed for a 14-day extension on Aug. 30 with the United States District Court for the Southern District of Florida. In the document that the attorney gave the district court judge, a challenge on Magistrate Reinhart’s order was raised.

Basis of extending the hearing time

Before Wright’s new request to move it to Sept. 24, 2019, any motion that challenges the order was supposed to take place on Sept. 10.
One of the major reasons Wright’s legal team raised for extending the time of the challenge for Reinhart’s order is the current major hurricane that supposedly continues to threaten Central and South Florida. In that regard, the document stated as follows:

“Central and South Florida are currently threatened by a major hurricane. Hurricane Dorian is expected to make landfall in Florida early next week, and counsel for Dr. Wright have been expending significant time preparing for the hurricane, which has limited their ability to work on this matter.”

Rivero further wrote that the motion was ‘brought in good faith’ rather than for the ‘purposes of delay’ in his request.

Peter McCormack — a Cryptocurrency podcaster — came out to question whether Wright had the ability to pay 500,000 BTC. The statement might seem bias, since Wright had at one time, accused the podcaster of falsely claiming to be the one that really invented Bitcoin.

On Aug. 28, McCormack went ahead to place bet $10,000 — communicated through a tweet — on the issue that Wright has no access at all to that kind of Bitcoin amount.

In the lawsuit that David Kleiman’s estate first filed against Wright on February 2018, a new twist has emerged.

At the time the filling was made, Wright had stolen hundreds of thousands of BTC, from David Kleiman’s estate, estimated to be valued more than 5 billion dollars.

The new order dictates that Wright should pay around 500,000 Bitcoins, an amount that is nearly half of what he allegedly he stole. In response, the self-proclaimed Bitcoin inventor suggests that the payout that the potential to make the crypto markets to be more volatile since the Kleimans would need to sell large BTC amounts to cover up for the estate tax.

Sources: https://cointelegraph.com/news/craig-wright-challenges-court-order-requiring-him-to-pay-500k-bitcoin

About the author

James Lovett

James Lovett

James is a passionate writer on cryptocurrency industry and other disruptive technologies in the crypto world. He has written several crypto articles for numerous websites and blogs over the years.

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