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Australian computer scientist and self-described Bitcoin founder Craig Wright has taken to the courts once again, this time filing a $1.18 billion lawsuit against Block, a payment company owned by Jack Dorsey.
Wright – who spuriously claims to be Satoshi Nakamoto – is accused of contempt of court by the Crypto Open Patent Alliance – COPA. It is the same group that, earlier this year, provided “overwhelming” evidence Wright did not invent Bitcoin.
“Faketoshi” Craig Wright Held in Contempt Again
An Australian computer scientist Craig Wright, who has said he invented Bitcoin, is accused of contempt of court on Friday. He filed a $1.18B lawsuit against Block, the company founded by Twitter co-founder Jack Dorsey, in a British court.
Wright insists that he authored the original, 16 years old Bitcoin whitepaper, a work published under the pseudonym “Satoshi Nakamoto.” However, the court ruled that there was “overwhelming evidence” showing that Wright didn’t write the foundational 2008 document.
The Crypto Open Patent Alliance sued Craig Wright to prevent him from suing Bitcoin developers. Following a weeklong trial at London’s High Court, a judge ruled in May that Wright had lied “extensively and repeatedly.” The court also ruled Wright forged documents “on a grand scale.”
In July, the judge referred Wright to Britain’s Crown Prosecution Service to decide whether he should be put under perjury charges. The court also issued an injunction against Wright from initiating any legal action based on his claim to be Satoshi.
Denying the Document Forgery
Craig Wright is appealing a decision of the High Court. It found him to have lied and forged documents purporting his claim to be the creator of Bitcoin. A decision as to whether he will be allowed an appeal has yet to be decided.
In his testimony in February, Mr Wright denied the forgery of the documents. However, during a preliminary hearing on Friday, the COPA lawyer, Jonathan Hough, said that Wright breached the court’s injunction by filing a lawsuit against Square Up Europe Limited, a Block subsidiary, earlier this month. Wright attended the hearing via videolink from Singapore and didn’t have legal representative.
Craig Wright has said that he doesn’t believe he is in contempt of court over the Block case. He indicated that he would amend his lawsuit, if found in contempt, to make clear it has “nothing to do with the ownership of the creation of the system.” Whether Wright was in contempt will be clear at a hearing set for December. In the meantime, his suit against Block will stay active until then.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- The SEC is suing Coinbase and Binance, in yet another scandal in the crypto industry
- Bitcoin price remains unfazed
- A bullish breakout might be triggered by the Fed not hiking the funds rate again
The cryptocurrency industry faces, yet again, another test of confidence. The Securities and Exchange Commission (SEC) announced that it was suing Coinbase and Binance in a move that scared cryptocurrency traders operating on the two exchanges.
But what had the potential of triggering a bearish move in the main cryptocurrency markets turned out to have zero impact. In particular, Bitcoin shows resilience, trading in a consolidation area before its next move.
Is Bitcoin forming a bullish flag pattern?
One of the reasons why Bitcoin is resilient to such news is that it has become much more correlated with traditional markets. For instance, the tech sector’s movements influence Bitcoin much more than anything else.
Tech stocks surged in 2023, and so did Bitcoin.
After failing at $30k, it entered a consolidation which continues still. At this point, it looks like Bitcoin forms a bullish flag pattern, but only if the market makes a new yearly high one may be sure the consolidation ended.
Therefore, to trade this bullish flag, one needs two things. One is to wait for the market to move first and trade above $30k again. Such a move will signal that the bullish consolidation is over, and it is time to trade the measured move.
In this case, the measured move is about $10k projected from the upper edge of the flag. That gives us a target of $38k for Bitcoin, should it make a new high for the year.
All in all, the recent scandals might prove, once again, Bitcoin’s resilience. The cryptocurrency moves in line with the US dollar and the tech sector, and so, if the Federal Reserve decides to pause and not hike the funds rate at the next week’s meeting, Bitcoin’s chances of squeezing higher increase significantly.
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- Dogecoin price is getting squeezed between the 8-day and 34-day EMAs indicating a volatile move is on the way.
- A 20% upswing to $0.082 seems likely for DOGE if bulls take control of the said breakout.
- Grayscale announced earlier today that it has filed a lawsuit against the SEC for denying a spot Bitcoin ETF listing.
Dogecoin price witnessed a massive bounce last week but recently pulled back due to the market condition. Since then, DOGE is trying to find a stable footing for the next leg-up. On the other side of the ecosystem, Grayscale, a popular institutional investment company and a digital currency asset manager has filed a lawsuit against the Securities and Exchange Commission (SEC) for denying the conversion of Grayscale Bitcoin Trust to a spot Bitcoin ETF.
Grayscale puts SEC on the stand
As of June 30, Michael Sonnenshein, the CEO of Grayscale announced that they have sued the SEC for denying Bitcoin ETF applications. This development comes after the regulators denied the company’s application to convert their trust into spot Bitcoin ETF.
Additionally, the SEC has also pushed back on multiple ETF filings over the last few years citing concerns like market manipulation, lack of liquidity and so on.
As a result, Grayscale filed a lawsuit against the SEC with the U.S. Court of Appeals in Washington DC to review the SEC’s order. The case also claims that the regulator violated the Administrative Procedure Act and Securities Exchange Act.
In a recent annnouncement, Grayscale stated that it,
believes in the SEC’s mandate to protect investors, maintain fair, orderly, and efficient markets and facilitate capital formation — and we are deeply disappointed by and vehemently disagree with the SEC’s decision to continue to deny spot Bitcoin ETFs from coming to the U.S. market
Despite this move from a crypto company, the markets’ reaction remained muued . Bitcoin price is still hovering directionless around the $20,000 psychological level. Dogecoin price, however, shows signs that it wants to move higher.
Dogecoin price signals its intention
Dogecoin price rallied roughly 60% between June 19 and June 26 and set a swing high at $0.078, just below the high-time-frame resistance barrier at $0.082. This massive uptrend faced exhaustion before retesting a crucial hurdle, resulting in an 18% retracement.
The correction was supported by the 8-day Exponential Moving Average (EMA). DOGE is currently trading above the 8-day EMA at $0.067 and the 34-day EMA at $0.072. As the meme coin gets coiled up, the possibility of a volatile move seems more likely.
Assuming the breakout favors the bull, Dogecoin price can rally 20% to retest the $0.082 hurdle. The upside could be capped here, but a resurgence of buying pressure that flips this level into a support floor will signal that bulls want more.
In this case, DOGE could travel another 34% to retest the $0.109 ceiling. This run-up, in total, would constitute a 60% gain and is likely where Dogecoin price forms a local top.
DOGE/USDT 1-day chart
On the other hand, if Dogecoin price produces a daily candlestick close below $0.048, it will create a lower low and invalidate the bullish thesis for DOGE. This scenario could further evolve into sellers taking control and crashing the meme coin by 70% to $0.014.
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