BSV surge ends as Craig Wright’s claims contested

Brother of former business partner accuses self-proclaimed Satoshi of forgery and perjury

BSV surge ends as Craig Wright claims contested                                 

The value of Bitcoin SV (BSV) has fallen following Tuesday’s sudden surge.

A hard-fork of Bitcoin Cash (BCH), BSV has dramatically increased in value since the new year, gaining more than 300 per cent in the past fortnight and 95 per cent on Tuesday alone.

The man who claims to be the creator of Bitcoin, Craig Wright, is the driving source behind BSV’s surge to become the fourth largest cryptocurrency in the world, with a market capitalisation of more than $6.5bn (£5bn, €5.8bn).

By mid-afternoon trading (GMT) BSV stands at $371.1641 down 2.21 per cent on 24 hours previous and down significantly from the short all-time time high of $456 it enjoyed on Tuesday.

Wright has long-claimed that he is the mysterious Satoshi Nakamoto, and while leading industry figures accept that the Australian was involved in the early crypto scene, many dispute his claim.

Ill at ease with what the world’s best-known cryptocurrency became, Wright has set about cheerleading a number of alt-coins, which he claims adhere to Bitcoin’s 2008 whitepaper.

He is currently engaged in a drawn out lawsuit with Ira Kleiman, the brother of his now-deceased business partner David Kleiman, who accuses Wright of defrauding his brother’s estate. The suit specifically revolves around access to the ‘Tulip Trust’, an encrypted trust fund established by David Kleiman and held in the Seychelles containing over 1.1 million Bitcoin worth more than $9.5bn.

Tuesday’s spike was triggered by court filings to the US District Court of Southern Florida dated January 14 in which Wright claimed that a third party had “provided the necessary information and key slice to unlock the encrypted file.” This came days after a judge ordered the Australian that he had until February 3 to inform the court if a “mysterious bonded courier” arrives and grants him access to his Bitcoin holdings.

Documents later filed by Kleiman’s brother claimed Wright had “submitted forged documents and lied under oath.” He added that the ‘key-slices’ provided by Wrights were just a list of 16,404 public addresses, and that he had not received any information as to the identity of the courier or the exact message he delivered. This put a damper on BSV’s surge and triggered its current correction.

While it remains to be seen whether the Tulip Trust billions will fall into Wright’s hands, with the lawsuit set to rumble on into February the BSV mania looks to continue for the next month at least.

FURTHER READING: Bitcoin surge slows after best start to a year since 2012

FURTHER READING: Bitcoin Cash hard fork creates rogue chain

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