Craig Wright Loses $5 Billion Case to Kleiman Estate!!! Another HUGE Scandal!
For today’s news segment, I have listed three very cool pieces of news to discuss with you. Let me give you a glance at what they are. First up, now for those who are not the biggest fan of Craig Wright, you’ll be happy to hear that Craig Wright recently lost the Kleiman case and has to return to Kleiman billions of dollars worth of Bitcoin. Furthermore, the Swiss financial regulator Finma has just approved banking licenses for two cryptocurrency-focused banks, namely Seba Crypto and Sygnum. And for the last news, we Facebook has recently released a new bug bounty program for Libra token, which is said to promote openness, transparency, global access, and ensure minimal issues to this global coin. If these pieces of news interest you, please make sure you stay here with me until the end of today’s video.
The Market Today
Before I share with you all the details, let’s have a look at today’s market. It looks like the crypto sphere is still mainly in reds. Bitcoin has dropped 1.93%, standing at $10,151. Ethereum and XRP are following the same pattern by losing 1.07% and 0.27% respectively.
Craig Wright lost $5 million in Kleiman case
According to a report on CryptoSlate, the self-claimed Satoshi Nakamoto Craig Wright lost the Kleiman case. Because of this, Wright has to return half of his pre-2014 Bitcoin—which is currently worth over $5 billion—to the Kleiman estate. Now, if you are not aware of the Kleiman case, let me give you a summary. Last year, Ira Kleiman, the brother of Wright’s late business partner Dave Kleiman, sued Wright for deliberately appropriating the estate’s massive 1.1 million BTC holdings held in a family trust. These coins were owned by both Kleiman and Wright. Over the course of the year-long battle in court, it looks like Craig Wright was attempting to forge documents and lie, under penalty of perjury, in an attempt to claim the rights over Kleiman’s $5 billion in Bitcoin. The tokens were acquired through Florida-based W&K Info Defense Research, a company that the two used to mine during the earlier days. Today, the judge reaffirmed that Craig Wright acted in bad faith while in court. The judge rejected his testimony, found that he perjured himself, found that he falsified his documents, and found him in contempt of court. The Southern District Court of Florida magistrate Bruce Reinhart recommended that Kleiman’s estate be awarded half the Bitcoin and intellectual property Wright held prior to 2014, which is estimated over $5 billion. Meanwhile, shortly after the ruling, Craig Wright’s partner, Calvin Ayre, posted a tweet, implying that Bitcoin SV will not be going to be affected by this judgment:
“Though #CraigisSatoshi and this will be obvious to all in time (it is already to everyone smart), this is now moot. Real #Bitcoin #BSV is beyond any one person now…it is the world’s top utility platform with its unique in the world massive scaling and Craig did this for sure.”
Seba Crypto and Sygnum received banking licenses from Finma
According to Switzerland’s leading news site Finews.com, the Swiss financial regulator Finma has just granted Seba Crypto and Sygnum, two cryptocurrency-focused banks, the licenses to operate in this industry. The news was shared by both parties on Twitter. Seba Crypto tweeted:
“Yesterday, the Swiss financial regulatory authority FINMA granted us a banking and securities dealer licence on a conditional basis making us a supervised bank and opening the doors to the redefining of finance.”
At the same time, Sygnum, the Switzerland and Singapore-focused tokenization start-up was also granted the approval as well. It looks like these two banks are doing pretty well. It was reported that Zug-based Seba is also in a partnership with Julius Baer, a Swiss multinational private bank with its headquarters at Zurich’s Bahnhofstrasse. Whereas, when it comes to Sygnum, the tokenization startup’s board also includes former UBS CEO Peter Wuffli, and former Swiss Central Banker Philipp Hildebrand who are advising the company. In another announcement, Finma, the Swiss financial regulator recently published anti-money laundering regulations in accordance with a G7 task force dubbed FATF.
The Libra Association launched a bug bounty program
Cointelegraph reported on Monday that the Libra Association had initiated a bug bounty program – in the hopes that the public can help them find all the issues before the launch in 2020. It enables developers to report bugs and alert the association to security, privacy issues, and vulnerabilities to help ensure a scalable, reliable, and secure launch. So guys, what are the rewards of participating in a bug bounty program? They clearly state on Libra’s website that:
“There will be a rewards program that is designed to encourage members of the security community to dig deep and help find even the most subtle bugs. Payouts will scale up to $10,000 for critical issues on the testnet.”
It’s worth noting that in the new post of the bug bounty program, they did not mention Facebook, whose involvement has raised many concerns with regulators. In response to such questions, the head of Calibra at Facebook David Marcus confirmed:
“Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges.”
So what are your thoughts regarding all the news?
What do you think about Craig Wright and his loss in court?
Are you excited to see new advancements of the crypto banking industry?
Are you going to participate in Libra’s bug bounty program?
Please leave a comment right below to let me know what you guys are thinking. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig. I’ll see you guys tomorrow.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.