Our Bitcoin Association is the Switzerland-based global industry organisation that supports Bitcoin SV (BSV), one of the main chains of Bitcoin.
On February 24, 2021, we received a ‘letter before action’ from counsel for Tulip Trading Ltd. (a company associated with Dr Craig S. Wright), asserting that our Association has duties under English law, as managers of the Bitcoin SV Node software, to provide access and control to bitcoins that were stolen from a computer of Dr Wright in February 2020.
We understand that similar letters were sent to protocol developers of Bitcoin Core (BTC), Bitcoin Cash (BCH) and Bitcoin Cash ABC (BCHA). We also understand that Dr Wright or Tulip Trading Ltd. has filed a court action in London, England related to these issues.
We generally agree with Dr Wright’s position that the digital currency and blockchain industry should strive to develop technical mechanisms and industry best practices to provide remedies, upon valid proof of ownership and with judicial due process, to restore control of lost or stolen coins to their rightful owner – just as there are remedies available for any asset or property (physical, digital, intangible or otherwise).
We also agree that the introduction of such solutions would help to engender more confidence in Bitcoin among everyday users, businesses and government agencies, and lead to wider adoption of Bitcoin’s innovative technology. This aligns with our Association’s goal to build a lawful digital currency ecosystem that leverages the capabilities of the Bitcoin public ledger to advance more honesty, transparency and accountability in the world.
However, we do not agree with aspects of the legal position taken by Dr Wright’s company and its counsel (as outlined in the correspondence we received).
Bitcoin Association respects the right of every individual to pursue legal remedies available to them, and when there are differing positions, the role of courts to adjudicate on these disagreements. As this matter is now subject to legal proceedings, we will have no further comment at this time and will respond accordingly in the appropriate venue in due course.
Head of Communications