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Craig Wright in Catch-22 situation, Denies Transferring Satoshi Coins

Craig Wright in Catch-22 situation, Denies Transferring Satoshi Coins

Craig Wright, an Australian scientist who claims to be the original creator of Bitcoin, has landed in a legal Catch-22 situation. He denied that he has moved 50 Bitcoins from one of the accounts he claims to own.

Calvin Ayre reveals the situation

Bitcoin SV benefactor and billionaire Calvin Ayre said that Craig Wright has denied moving 50 BTC from his long-dormant addresses. These addresses are long thought to be owned by Satoshi Nakamoto, the creator of Bitcoin. On Wednesday, one of the dormant Satoshi accounts received activity as someone moved 50 BTC from the address, worth $486,000 to another address. This Satoshi address contains coins mined barely a month after Bitcoin launched its mainnet in 2009.

Craig Wright in Catch-22 situation, Denies Transferring Satoshi Coins

Speaking to Adam Back from Block stream on Twitter, Ayre said that the coins were not moved by Wright. He confirmed that he spoke with Wright and he had not made any such movement.

Where does the problem lie?

The address is one of the 16,000 earliest known Bitcoin addresses that are now being listed in a court document in the Kleinman vs Wright case. Wright claims to be the real Satoshi Nakamoto and the owner of these addresses. He had previously claimed that he has access to the private keys of the addresses. This means that he is the person who made the 50 BTC movement. If he denies the movement, he will be in trouble.

With Ayre’s latest comments, there is a new legal issue that Wright could fall into. The judge has already questioned the credibility of Wright in this case previously. Moreover, there are several prominent faces of the crypto industry who do not believe his claims and rubbish his authority as the creator of Bitcoin.

The recent movement of 50 BTC caused the price of Bitcoin to drop by 5% as it went from $9,700 to $9,400. Though there is no guarantee that the address does belong to Satoshi himself, the address has remained dormant for about 11 years. Denials from Wright would remove fears that he is planning to Sell their Bitcoin Up profits in large numbers. If he is the real Satoshi, he could be sitting atop a huge Bitcoin Profit and could be one of the biggest whales in the market.

Note that he posted on Slack that he would be selling off a large number of BTC around the halving that could tank the asset’s price.

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      Sherlock Gomes loves to write and express his views on anything related to Crypto. He has been covering Crypto for more than two years now. He likes Bitcoin and Cardano. He also writes on Finance, Healthcare, and Technology among other stuff. He can be reached by e-mail on sherlockg@insidebitcoins.com