Craig Wright to pay over 1 million BTC to Kleiman estate: Will it affect Bitcoin Price?

Self-proclaimed Bitcoin inventor, Craig Wright lost a billion-dollar lawsuit filed against him by David Kleiman’s brother Ira Kleiman. Florida Federal Judge Bruce Reinhart ruled in favor of Kleiman and ordered Craig Wright to turn over half the bitcoins and intellectual property that he owned before 2013. According to several reports, Craig and late David Kleiman mined close to 1.1 million bitcoins together.

In 2018 Ira Kleiman filed a $10 billion lawsuit against Wright alleging that he fraudulently seized David’s more than 300,000 bitcoins. Wright has the option to appeal the decision, which he most likely will considering half of his net worth is at stake.

How can this impact the price of BTC?

The court ruling would have an impact on the whole bitcoin market and not just on Craig and Kleiman. It is not clear how many bitcoins Kleiman will receive, though ruling states that half of the bitcoins owned by Craig prior to David’s death should be turned over to Kleiman estate, which are¬†estimated at more than 500,000 BTC. Crypto community has been speculating what impact that can have on the bitcoin market. If Kleiman decides to liquidate all his awarded bitcoins, this could prove to be drastic for BTC price. A single transaction involving half a million bitcoins can retract the current price of bitcoin.

The case is not over yet

According to the people who were observing case closely, the judge dismissed all Craig’s testimony and said he had given a false statement under oath, which is a third-grade felony in Florida. However, the judge did not find him for that.

Despite what federal judge suggested today, the case remains ongoing and this ruling also has to adopted by District Judge Beth Bloom then only the federal court’s decision can be implemented.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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