Craig Wright Sues Coinbase Over ‘Fake’ Bitcoin (BTC) Sales

Craig Wright, the Australian computer scientist who claims to be Bitcoin’s BTC/USD creator, is now suing major cryptocurrency exchanges Kraken and Coinbase Global Inc COIN.

What Happened: According to an intellectual property claim issued by ONTIER LLP on Friday, Wright is alleging that Kraken and Coinbase are “misrepresenting” BTC as Bitcoin Core, when in fact it is a software implementation created in 2017 that is separate from the original system.

“The only digital asset that remains true to the original Bitcoin protocol is ‘Bitcoin Satoshi Vision’ BSV/USD which is the software implementation of the original Bitcoin protocol,” stated ONTIER on behalf on Wright.

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The claim went on to state that this misrepresentation has led to confusion among traders regarding the authenticity of assets they have bought and sold on these platforms.

Wright is seeking an injunction that would restrain Coinbase and Kraken from promoting BTC as Bitcoin through improper wording and the use of the Bitcoin sign.

ONTIER expects that these claims will likely be worth “several hundred billions of pounds” after the Court uncovers the full account of profits of the crypto exchanges named in the lawsuit.

Wright first claimed to be Satoshi Nakamoto, Bitcoin’s pseudonymous creator, in 2016. Despite having a number of copyright infringement lawsuits that ruled in his favor over the years, Wright has failed to convince the majority of the Bitcoin community that he is Nakamoto.

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Price Action: According to data from Benzinga Pro, BTC was trading at $37,880, down 1.57% over 24 hours. BSV was trading at $72.81, down 1.48% over the same period.