What’s Next Regarding Craig Wright and Dave Kleiman’s Tulip Trust Case?
The Tulip Trust case is still lingering across crypto communities as the Australian businessman, Craig Wright (the defendant) is set to file a motion before court following the completion of a two week extension period his legal team was granted. Dave Kleiman’s estate (plaintiff), led by the deceased brother Ira, had the ruling in their favor meaning Wright should relinquish half of the Bitcoin mined and any proceeds from Bitcoin intellectual property rights by the Kleiman-Wright partnership from 2009 till 2013.
Before Wright’s motion before court in the coming days, we look at the possible outcomes of the case to both parties involved. While there remains doubts on whether Wright is in possession of the private key of the Tulip Trust fund – holding approximately 1,000,111 BTC, with a current valuation of $10 billion USD – the businessman will have more problems if he actually owns the coins.
Court Decides Against Wright – “A Liar”
A letter that has been circulating across the crypto universe shows Wright will gain access to the Bitcoins on January 1st, 2020. With time ticking on the date, Kleiman seems to be winning the case on merit as two federal judges dismissed Craig’s arguments.
Despite the court’s ruling against him, Wright is set to appeal the rulings in the coming days hoping the case drags beyond early January when the funds will be accessible from the trust. Stakeholders and bitcoin enthusiasts on the sidelines will be watching the developing case anxiously as Craig appears in court in the coming days.
However, the court is very unlikely to revert its decision without a new important piece of evidence by Wright’s team coming forward. This then begs the question, what happens once the coins are available and the court ruling stands?
Bleak Future for Craig?
Once the funds are available in the account on January 1st 2020, Craig is ordered to relinquish half of the BTC mined collaboratively by the two to Dave Kleiman’s estate. This means the businessman will effectively lose half of the Bitcoins mined by the two partners collaboratively.
The problem arises if Craig refuses to pay the ordered amount. Layla Tabatabaie, senior consultant at the blockchain PR firm Wachsman, said refusal to distribute the assets equally may paint a bleak future for Craig. Layla said,
“Wright would be found in contempt of court, and the court may impose imprisonment or monetary fines in fiat currency against him. Being held in civil contempt of court could actually be worse than being held in criminal contempt, because you aren’t afforded the same constitutional rights as a criminal defendant.”