Jack Dorsey to create a legal defense fund for Bitcoin developers that can assist them when facing a lawsuit from Tulip Trading Limited company associated with Craig Wright so let’s read more in today’s Bitcoin news.
The founder and CEO of Block, Jack Dorsey to create a legal defense Bitcoin fund that will provide a legal defense for Bitcoin developers that are the subject of multi-front litigation. The proposal was announced in an email sent to the BTC developer’s mailing list. Dorsey wrote:
“The Bitcoin Legal Defense Fund is a nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects such as the Lightning Network, Bitcoin privacy protocols, and the like.”
The letter noted that the fund is not seeking to raise more money for its operations and it could however do so at the direction of the board needed for further legal action or to pay for staff. Dorsey stepped down as the Twitter CEO at the end of November 2021 and now he heads Block which is a financial payments company that has been experimenting with crypto-related ideas including decentralized exchanges for trading BTC and other cryptocurrencies. Apart from Dorsey, the email was signed by Alex Morcos who is the Chaincode Labs co-founder, and academic Martin White who joined the former Twitter CEO on the fund’s board.
According to the letter, litigation and threats against developers are having their intended effect with the individual defendants choosing to capitulate to the absence of legal support. The email reads:
“Open-source developers, who are often independent, are especially susceptible to legal pressure.”
The fund’s main goal is to assist the developers in their defense from lawsuits related to activities in the BTC ecosystem. This will be a free option that the developers can use if they want. The fund will also include a team of volunteers and part-time lawyers as well. The fund’s activity will coordinate a defense for the developers thata re sued by Tulip Trading Limited which is a company associated with the Australian computer scientist Craig S. Wright over an alleged “breach of fiduciary duty.”
Wright who claims to be the inventor of Bitcoin advocated for a chain split which resulted in the creation of Bitcoin Cashback in 2017. then in 2018, he created Bitcoin SV, claiming the new crypto is the actual Bitcoin. In 2019, Wright filed lawsuits against prominent figures in the BTC community including Blockstream CEO Adam Back. In the lawsuit, that dropped in April 2020, Wright claimed that Back libeled him calling him “fraud.
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