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U.K. high court rules Australian computer scientist is not bitcoin founder “Satoshi Nakamoto”
Who is Satoshi Nakamoto? A ruling from Britain’s high court Thursday has at least narrowed down who Satoshi is not.
For eight years, Australian computer scientist Craig Wright has claimed that he was the man behind “Satoshi Nakamoto,” the pseudonym that masked the identity of the creator of bitcoin. His claim was vehemently rejected by the Crypto Open Patent Alliance, or Copa, a nonprofit group of technology and cryptocurrency firms, who brought the case to court.
In his ruling, Justice James Mellor said Wright did not invent bitcoin, was not the man behind Satoshi, or the author of the initial versions of the bitcoin software. Further explanation will emerge when Mellor’s written statement is published at a later date.
“Having considered all the evidence and submissions presented to me in this trial, I’ve reached the conclusion that the evidence is overwhelming,” he said, according to a court transcript.
Lucy North/PA Images via Getty Images
During the trial, Copa claimed Wright had created an “elaborate false narrative” and forged documents to suggest he was Satoshi and had “terrorized” those who questioned him.
A spokesperson for Copa said Thursday’s decision is a “win for developers, for the entire open source community, and for the truth.”
“For over eight years, Dr. Wright and his financial backers have lied about his identity as Satoshi Nakamoto and used that lie to bully and intimidate developers in the bitcoin community,” the spokesperson added.
Wright, who attended the start of the five-week trial, denied the allegations.
At stake was not just bragging rights to the creation of bitcoin, the world’s most popular virtual currency, but control of the intellectual property rights.
Wright has used his claim as bitcoin’s inventor to file litigation to drive developers away from further developing the open-source technology, the alliance claimed in their lawsuit. The ruling will clearly impact three pending lawsuits that Wright has filed based on his claim to having the intellectual property rights to bitcoin.
The murky origins of bitcoin date to the height of the financial crisis in 2008. A paper authored by a person or group using the Nakamoto pen name explained how digital currency could be sent around the world anonymously, without banks or national currencies. Nakamoto seemed to vanish three years later.
Speculation on the true identity swirled for years and the names of several candidates emerged when Wright first surfaced to claim the identity in 2016, only to quickly return to the shadows, saying he didn’t “have the courage” to provide more proof.
Bitcoin, the world’s first cryptocurrency, was released in 2009 as an open-source software and is the most high-profile digital currency. As with all digital tokens, bitcoin is not tied to any bank or government. Like cash, it allows users to spend and receive money anonymously, or mostly so. It can also be converted to cash when deposited into accounts at prices set in online trading.
Supporters say it can be more trustworthy than traditional money, which can be vulnerable to the whims of those in power. Skeptics say their volatility has introduced a potential new risk to the global financial system, and fret about their potential to promote illicit activities and introduce uncertainty.
Despite occasional big wobbles, one bitcoin is now worth over $70,000, three times what it was worth just a year ago. Demand for the bitcoin has been rising sharply on so-called spot bitcoin exchange traded funds. The ETFs, which allow investors to dabble in crypto in a less riskier way than ever before, has attracted a huge influx of cash this year, experts said.
Thursday’s verdict is a relief to the crypto exchanges who have been rejecting the idea of Wright as Satoshi.
“Satoshi understood the value of decentralization and built bitcoin so that it could not be controlled by a single person or entity,” said a spokesperson for Kraken, one of the biggest exchanges. “We’re pleased the court recognized the overwhelming evidence that categorically settles that Wright is not Satoshi.”
CBS News
American man detained in France after “So I raped you” Facebook message can be extradited, court rules
A French court ruled on Monday that the American man accused of sexually assaulting a Pennsylvania college student in 2013 and later sending her a Facebook message that said, “So I raped you,” can be extradited to the United States.
Ian Cleary, 31, of Saratoga, California, was detained in April in the city of Metz in northeastern France after a three-year search. He has been held in custody pending extradition proceedings since his arrest.
The Court of Appeal in Metz said that Cleary can be extradited. When asked if he wished to be extradited or not, in line with French law, Cleary refused, prosecutors said in a statement Monday. His refusal may delay the extradition process, but it won’t stop it.
The ruling is final. Cleary’s case is now the responsibility of the French Justice Ministry, which must prepare and submit the extradition order for the French prime minister. While he awaits the prime minister’s signature, Cleary remains detained in France.
Justice Ministry officials didn’t immediately respond to a request for comment.
Cleary had been the subject of an international search since authorities in Pennsylvania issued a 2021 felony warrant in the case weeks after an Associated Press story detailed the reluctance of local prosecutors to pursue campus sex crimes.
The arrest warrant accuses Cleary of stalking an 18-year-old Gettysburg College student at a party, sneaking into her dorm and sexually assaulting her while she texted friends for help. He was a 20-year-old Gettysburg student at the time but didn’t return to campus.
Chris Carlson / AP
The Gettysburg accuser, Shannon Keeler, had a rape exam done the same day she was assaulted in 2013. She gathered witnesses and evidence and spent years urging officials to file charges. She went to authorities again in 2021 after discovering the Facebook messages that seemed to come from Cleary’s account.
“So I raped you,” the sender had written in a string of messages.
“I’ll never do it to anyone ever again.”
“I need to hear your voice.”
“I’ll pray for you.”
The AP doesn’t typically identify sexual assault victims without their permission, which Keeler has granted. The accuser’s lawyer in Pennsylvania, reached on Monday, declined to comment on the development.
According to the June 2021 warrant, police verified that the Facebook account used to send the messages belonged to Ian Cleary. Adams County District Attorney Brian Sinnett, who filed it, declined to comment on developments when reached Monday.
After leaving Gettysburg, Cleary earned undergraduate and graduate degrees from Santa Clara University, near his family home in California, worked for Tesla, and then moved to France for several years, according to his website, which describes his self-published medieval fiction.
Keeler, originally from Moorestown, New Jersey, stayed on to graduate from Gettysburg and help lead the women’s lacrosse team to a national title.
/ AP
By 2023, two years after the warrant was filed, Keeler and her lawyers wondered how he was avoiding capture in the age of digital tracking. The U.S. Marshals Service thought he was likely overseas and on the move, even as he was the subject of an Interpol alert called a red notice.
Across the U.S., very few campus rapes are prosecuted, both because victims fear going to the police and prosecutors hesitate to bring cases that can be hard to win, the AP investigation found.
Keeler, when the warrant was issued, said she was grateful, but knew it only happened “because I went public with my story, which no survivor should have to do in order to obtain justice.”
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There are many reasons to consider investing in gold right now. With high inflation, geopolitical unrest and the coming election, having a healthy safe haven allocation in your investment portfolio makes sense. And, gold is an effective way to protect your portfolio from risk.
Gold’s price has seen strong growth this year, too. After starting the year off at $2,063.73, the price of gold climbed to $2,439.98 by May 20. But that price has since cooled. Today, gold is trading at around $2,380.00 per ounce. Although that’s significantly lower than gold’s May record high, it still represents more than 15% growth year-to-date.
While there are many reasons to invest in gold, it’s important to make the right moves when you do, particularly this July.
Invest in gold now to give your portfolio a boost.
3 gold investing moves to boost your portfolio this July
You can use gold to improve your portfolio’s performance in a few ways this July. Some of the most effective include:
Focus on allocation
Gold’s price has grown quite a bit this year. And, the safe haven properties of the precious metal are valuable given the current economic, political and geopolitical climates. So, you may want to add quite a bit of the yellow metal to your portfolio. But, you shouldn’t overdo your investment.
While gold is an attractive safe haven, the stock market’s performance has been strong this year, too – the S&P 500 is up around 17% year-to-date. And, it’s important to balance your portfolio with a healthy mix of safe havens and traditional assets like stocks and bonds.
Most experts say you shouldn’t allocate more than 10% of your portfolio assets to gold. Some suggest that a 5% gold allocation is more reasonable. So, consider your investment goals, the other assets in your portfolio and how gold relates to those assets when choosing your allocation. But, in any case, keep your holdings to a maximum of 10% of your portfolio’s assets.
Take advantage of gold’s safe haven and inflation protection properties today.
Invest now
Gold’s price is down but it may not stay there for long. Gold’s price tends to go through cycles. Upward cycles are typically followed by downward cycles and vice versa. Based on the cyclical nature of gold’s price, there are two reasons why waiting to make your investment could be a mistake:
- The discount could disappear: If you buy gold now, you’ll do so at a discount to its most recent high. But, if you wait too long, that discount could disappear.
- You could be priced out: Gold isn’t a cheap commodity, even considering the current discount. And, if history is any indication, gold’s price will continue to produce long-term gains – regardless of the short-term cycles it experiences. So, if you wait too long, gold’s price could become cost-prohibitive – making it difficult to add the commodity to your portfolio later.
So, add gold to your portfolio now to take advantage of the current discount in its price and avoid any issues with being priced out of the market later.
Look for discounted options
Gold’s spot price is typically the price that’s quoted online. But, that’s not usually the price you pay when you purchase the commodity. In most cases, dealers add a markup to the spot price to generate a profit. So, it’s possible to overpay for the commodity if you’re not careful – but it’s also possible to find discounted options.
Many online gold dealers buy second-hand precious metals and resell them at a discount to their freshly-minted counterparts. And, while these products may have some imperfections and may not be the particular design you want, their value is in the weight of the gold they’re made with. So, when you look for these discounts, you could cut the cost of your gold investment while you take advantage of the benefits of adding the precious metal to your portfolio.
The bottom line
Gold is a compelling asset with valuable inflation protection and safe haven qualities. But, when you invest invest in the precious metal this July, it’s a good idea to make your investment strategically. In particular, invest now and be sure that when you do, you maintain a healthy allocation representing 10% or less of your portfolio’s value. Also, look for opportunities to buy gold at a discount. Doing so could cut the cost of your investment. Compare your options among leading gold dealers now.