The chief legal officer of the nonprofit Bitcoin Legal Defense Fund, Jessica Jones, recently discussed the legal consequences of a high-profile lawsuit against the core developers of the cryptocurrency during an event that took place in Miami on 18th May.
The case that was discussed was a legal action filed in the United Kingdom by Craig Wright, the operator, and owner of Tulip Trading. The operator is quite possibly best known for his assertion that he was the creator of this cryptocurrency- which he has upheld through another unrelated lawsuit.
In the relevant case between Tulip Trading and 14 other individuals allegedly involved in the open-source creation of Bitcoin Core, the owner claimed that the said developers owed him a fiduciary duty. The lawyer described this case as being just an allegation from the British company that it owned, 111,000 BTC, and was subsequently hacked, and robbed of all the cryptocurrency tokens in a style reminiscent of Hollywood movies.
Bitcoin Lawyer Talks About False Accusations
According to Jonas, Wright, to receive compensation, has been demanding that the developers of Bitcoin create a backdoor into the core blockchain of the cryptocurrency such that Tulip Trading could never recover the funds that it had allegedly lost.
This was a remedy that, Jonas asserted, could never be asserted. Jonas went on to explain that implementing such a change would require a lot of hard forking by the cryptocurrency blockchain, and that expecting everyone around the world to shift to the new form rather than continue with the existing core chain would be pretty impossible.
The lawyer also spoke about the area of law that surrounds the fiduciary duty as complicated and mentioned that the lawsuit was extremely dangerous for reasons that were beyond the technical limitations of Bitcoin developers.
