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Per a post from Ontier, the self-proclaimed inventor of Bitcoin Craig Wright filed a lawsuit in opposition to main crypto exchanges Coinbase and Kraken. Ontier is a authorized agency that represents Wright, Wright International Investments Limited (WII), and Wright International Investments UK Limited (WIIUK).

Related Reading | Why Self Proclaimed Satoshi Nakamoto Craig Wright Must Pay $100M In Damages

Filed on April 29, 2022, on Behalf of Wright and these related firms, within the Intellectual Property List of the Business and Property Courts of England and Wales. The authorized agency claims it’s only the primary in what is anticipated to be an extended listing of lawsuits in opposition to different main crypto exchanges.

The claimants, based on Ontier, consider that these platforms have been selling and “encouraging” traders to “trade and invest” in a “fake Bitcoin”. At least, they’ve benefited from selling a software program implementation that was “created in 2017”.

They claimed that the cryptocurrency that almost all of those traders know as Bitcoin is definitely “Bitcoin Core”. Therefore, they added that the “only” cryptocurrency which implements the “original” BTC protocol is “Bitcoin Satoshi Vision” (BSV). The doc added the next:

The Claimants contend that this misrepresentation by Coinbase and Kraken has led to confusion amongst digital forex asset holders as to the authenticity of the belongings many have bought and traded in.

BSC is a fork of Bitcoin Cash (BCH), which on the identical time is a fork of Bitcoin (BTC). The asset was born out of a special of concepts between the BCH group.

Per the doc, Wright and his authorized illustration search an “injunction” that might stop main trade platforms to supply BTC to their shoppers, relying on the courtroom’s verdict. The claimants consider that their case is “likely to be worth several hundred billions of pounds”.

What’s Wright’s Ultimate Goal With New Bitcoin Lawsuit?

According to the put up, Wright and his authorized illustration try and “prevent future misperceptions” about Bitcoin and its “true operational nature”. Simon Cohen, managing affiliate for the authorized agency stated:

These actions are undoubtedly game-changing for the digital asset market. Simply put, the Claimants’ assertion is that if your digital asset doesn’t strictly adhere to the Bitcoin protocol and is linked to the Bitcoin blockchain it isn’t Bitcoin and shouldn’t be marketed or referenced as such.

Cohen claims that the “arguments” behind the lawsuit are “straightforward and verifiable”. The authorized agency has been a consultant of Wright and his firms throughout a wide range of circumstances.

These embrace their lawsuit in opposition to Bitcoin core builders, in opposition to Peter McCormak, host of the “What Bitcoin Did” podcast, in opposition to the Crypto Open Patent Alliance, and others. Wright has been concerned in lots of lawsuits throughout the house.

Related Reading | Bitcoin Developers Score Victory Against Craig Wright, Court Dismisses Legal Case

Coinbase and Kraken are but to touch upon the lawsuit. About the chance that this case may drive BTC out of exchanges, Web3 web lawyer, Andrew Rossow informed Bitcoinist the next:

I don’t suppose the inquiry is whether or not Wright can stop trade platforms from providing belongings that don’t conform to the Bitcoin protocol – fairly, I consider his claims do current an attention-grabbing argument to be explored on the varieties of belongings presently being provided on these platforms.