UK-based litigation law firm Ontier said it begun legal proceedings against a number of unspecified Bitcoin (BTC), Bitcoin Cash (BCH), and even Bitcoin SV (BSV) developers on behalf of Tulip Trading Limited (TTL), controlled by Wright.
Per the firm, TTL “is requesting that the developers enable TTL to regain access to and control of its bitcoin,” allegedly stolen from Wright in February 2020.
“[The Developers] owe Bitcoin owners both tortious and fiduciary duties under English law as a result of the high level of power and control they hold over their respective blockchains,” Ontier said, adding that the value of the claim as at today’s market rates will be in excess of GBP 3.5bn (USD 4.94bn).
According to Paul Ferguson, Partner at Ontier, “the fact that someone has stolen Tulip Trading’s digitally-held private Bitcoin keys does not prevent developers from deploying code to enable the rightful owner to regain control of its bitcoin.”
The cryptoverse was quick to react.
“This is crazy. The developers don’t run these chains, they just maintain the codebases. This is like threatening [Linux developer] Linus Torvalds because you lost your Bank of America password,” a partner at US-based law firm Anderson Kill, Preston Byrne, said.
If you hold Bitcoin, you need to seriously start campaigning to get BSV delisted everywhere. And fight back *hard*… https://t.co/lQeS0Uys4N
— Cøbra (@CobraBitcoin)
@lopp He’s forking his fork? Huh.
— Preston Byrne (@prestonjbyrne)
tl;dr — Craig Wright’s English lawyers’ threat to sue bitcoin developers is a steaming pile of horse puckey. It’s… https://t.co/swZQe56Mtv
— Palley (@stephendpalley)
@thomasshearer77 @Tak_Horigoshi @CobraBitcoin That’s not how Bitcoin works Not your keys, not your coins
— Bruce Fenton (@brucefenton)
@sovereignmonkey @PeterMcCormack That’s messed up! He had all his coins—all of them in one place? He didn’t have an… https://t.co/bgny9ISNSX
— Dick Justice (@ManFromHunger)