Self-proclaimed Satoshi Nakamoto sued Coinbase and Kraken for trading “fake” bitcoin

The entrepreneur claims that the platforms sell Bitcoin (BTC) to their customers under the guise of the original cryptocurrency

06.05.2022 - 15:20

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2 min

What’s new? Self-proclaimed bitcoin creator Craig Wright has sued cryptocurrency exchanges Coinbase and Kraken. Wright claims that the platforms sell another asset, Bitcoin under the ticker symbol BTC, under the guise of real bitcoin, according to the law firm Ontier. According to the entrepreneur, Bitcoin Satoshi Vision (ticker BSV) can be considered the only cryptocurrency that has fully implemented the original Bitcoin protocol.

Ontier’s press release

Details of the case. The plaintiffs in the lawsuit are Wright himself, as well as Wright International Investments Limited and Wright International Investments UK Limited, which he owns.

The entrepreneur alleges that Coinbase and Kraken misrepresented the facts, leading to confusion among investors. The plaintiffs demand a ban on Bitcoin’s (BTC) distribution under the guise of the original bitcoin.

“If your digital asset doesn’t strictly adhere to the Bitcoin protocol and is linked to the Bitcoin blockchain it is not Bitcoin, and should not be marketed or referenced as such. Asset-holders must be aware of exactly what they are buying. Bitcoin was always designed to be a peer-to-peer electronic cash payment system, not a store of value,” said Ontier lawyer Simon Cohen.

What happened before? In December 2021, the self-proclaimed creator of bitcoin lost his case against the Kleiman Estate. Ira Kleiman, brother of one of the alleged bitcoin creators, sued Wright. Ira claimed in his lawsuit that Craig owed his brother 1,1 million BTC. The court ordered the defendant to pay $100 million in compensation.

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