Self-proclaimed Satoshi Nakamoto, Craig Wright sued Coinbase and Kraken for misrepresentation of Bitcoin. Craig Wright, an Australian computer scientist, is backed by the London-headquartered law firm called the Ontier.
The intellectual property claims against Kraken and Coinbase have been filed jointly by Craig Wright and his two associated companies, namely: Wright International Investments Limited (WII) and Wright International Investments UK Limited (WIIUK).
The property claim against the two exchanges is for misrepresenting “Bitcoin Core” as Bitcoin.
Source: Financial Times
Craig Wright files intellectual property case
Craig Wright asserted that Kraken and Coinbase were encouraging the investors to invest in “Bitcoin Core” BTC representing it as bitcoin. Bitcoin core was created in 2017 as a software implementation, which is very different from the original bitcoin protocol from 13 years ago.
The exchanges were accused of misrepresentation and misleading the investors. The exchanges were also accused of creating a confusion in the authenticity of the assets that the investors purchased.
The claimants seeks for a restrain on the use of bitcoin symbol and name for the improper promotion of other cryptocurrencies.
The case was filed in the Intellectual Property List of the Business and Property Courts of England and Wales on April 29, 2022.
It is the first in a series of lawsuits against each of the main digital currency exchanges, with the goal of preventing future misunderstandings about Bitcoin’s genuine operating nature.
“These actions are undoubtedly game-changing for the digital asset market. Simply put, the Claimants’ assertion is if your digital asset doesn’t strictly adhere to the Bitcoin protocol and is linked to the Bitcoin blockchain it is not Bitcoin, and should not be marketed or referenced as such.”
Simon Cohen of ONTIER
Craig Wright, who self proclaims as Satoshi still remains as one of the controversial crypto personality. But he still believes in his claims and stands his ground as the creator of bitcoin.