Craig Wright Wants Bitcoin SV to Rewrite Blockchain to Recover Lost his Funds

The man who famously claims to be the original creator of Bitcoin says $19m worth of Bitcoin SV (BSV) is inaccessible after hackers stole his private keys.

Craig Wright is now suing 15 people and one Swiss company claiming they should fork their blockchain and recover his coins.

So far, all the defendants in the case refuse his demands and many claim Wright never owned the keys to begin with.

Wright claims that his keys were deleted and likely copied when his computer was hacked in February 2020. If the story is true and a hacker does have a copy of these keys, they have not moved or accessed the wallet so far.

Typical in cryptocurrency, if you lose your private keys, you lose your funds and there has never been an exception made for loss of BTC private keys before. Should Wright win the court case there is still no guarantee this can be done as it would require many nodes to agree to these changes.

As many of these nodes are not a part of the lawsuit they will have no incentive to accept these changes.

The lawsuit so far has not started brightly for Wright. The judge has ruled that Wright and his company Tulip Trading will have to pay security for the lawsuit. This means claimants must pay a substantial amount to the courts which will go to the defendants if they win.

Wright has fought for years regarding being the original creator of BTC. In 2018 he made a blog post with proof that he was the original Satoshi Nakamoto but all the proof given was verified as false.

Wright continued to claim he owned the original Satoshi Bitcoin wallet and last month faced a lawsuit which claimed he owed his old business partner half of the BTC in the wallet.

Wright won the court case and was ordered to pay almost $100m in Intellectual Property Rights to his former partner and business.

If Wright wins this upcoming lawsuit there will be many people waiting to know if they can also sue to recover lost funds.

One company is already claiming to be working on software that would allow recovery of lost funds on Bitcoin SV.

This type of software could potentially be very dangerous for the security and ownership properties of the blockchain as anyone can claim to have lost the keys of any dormant wallet.


Updated: 01/20/2022 — 16:00