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Craig Wright Fails to Finance Kleiman Settlement, Averting Possible Bitcoin Sell-Off

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    Bitcoin SV proponent Craig Wright pulls out of the settlement talks with the Kleiman estate, which means that the court drama will continue

Craig Wright Fails to Finance Kleiman Settlement, Averting Possible Bitcoin Sell-Off
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Self-proclaimed Satoshi Nakamoto Craig Wright has pulled out of settlement agreement with the Kleiman estate due to his inability to finance it, according to a court document that was filed by the plaintiff's counsel on Oct. 30.   

On October 30, without any advance notice, Plaintiffs were informed Craig could no longer finance the settlement and was “breaking” the non-binding settlement agreement.

In 2018, Wright was sued by Ira Kleiman, the brother of late cryptocurrency developer Dave Kleiman, for stealing the estate's Bitcoin riches after his death.                  

The nChain chief scientist mined approximately 1.1 mln BTC together with Kleiman before the latter died in 2013. The Kleiman estate wanted Wright to pay back half of his crypto fortune (about $5 bln at the time of writing).        

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As reported by U.Today, the long-lasting legal battle came closer to an end after Florida federal court ruled against Wright, ordering him to forfeit 50 percent of his BTC and intellectual property (IP) on Aug. 27. Later, Bitcoin SV proponent filed a motion for a time extension before appealing the court order. 

Notably, Wright and the members of the BSV community argued that Ira Kleiman would opt to sell the estate's BTC's estate right away, which could take a toll on the BTC price.     

Considering that Wright doesn't have the money to maintain the settlement agreement, the feared sell-off will not happen anytime soon. The trial is scheduled for March 30, 2020.     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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Contents

According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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