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Craig Wright Faces Contempt Charges After Suing Block

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Australian computer scientist and self-described Bitcoin founder Craig Wright has taken to the courts once again, this time filing a $1.18 billion lawsuit against Block, a payment company owned by Jack Dorsey.

Wright – who spuriously claims to be Satoshi Nakamoto – is accused of contempt of court by the Crypto Open Patent Alliance – COPA. It is the same group that, earlier this year, provided “overwhelming” evidence Wright did not invent Bitcoin.

“Faketoshi” Craig Wright Held in Contempt Again

An Australian computer scientist Craig Wright, who has said he invented Bitcoin, is accused of contempt of court on Friday. He filed a $1.18B lawsuit against Block, the company founded by Twitter co-founder Jack Dorsey, in a British court.

Wright insists that he authored the original, 16 years old Bitcoin whitepaper, a work published under the pseudonym “Satoshi Nakamoto.” However, the court ruled that there was “overwhelming evidence” showing that Wright didn’t write the foundational 2008 document.

The Crypto Open Patent Alliance sued Craig Wright to prevent him from suing Bitcoin developers. Following a weeklong trial at London’s High Court, a judge ruled in May that Wright had lied “extensively and repeatedly.” The court also ruled Wright forged documents “on a grand scale.”

In July, the judge referred Wright to Britain’s Crown Prosecution Service to decide whether he should be put under perjury charges. The court also issued an injunction against Wright from initiating any legal action based on his claim to be Satoshi.

Denying the Document Forgery

Craig Wright is appealing a decision of the High Court. It found him to have lied and forged documents purporting his claim to be the creator of Bitcoin. A decision as to whether he will be allowed an appeal has yet to be decided.

In his testimony in February, Mr Wright denied the forgery of the documents. However, during a preliminary hearing on Friday, the COPA lawyer, Jonathan Hough, said that Wright breached the court’s injunction by filing a lawsuit against Square Up Europe Limited, a Block subsidiary, earlier this month. Wright attended the hearing via videolink from Singapore and didn’t have legal representative.

Craig Wright has said that he doesn’t believe he is in contempt of court over the Block case. He indicated that he would amend his lawsuit, if found in contempt, to make clear it has “nothing to do with the ownership of the creation of the system.” Whether Wright was in contempt will be clear at a hearing set for December. In the meantime, his suit against Block will stay active until then.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Judge Grants More Time For US Government To Negotiate FTX Donation Return

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A U.S. federal judge has granted the government additional time to negotiate the return of up to $13.25 million in political donations made by former FTX executives Sam Bankman-Fried and Nishad Singh. Judge Lewis Kaplan, presiding over the case, approved the government’s request to extend negotiations with various political action committees (PACs) until January 15, 2025. 

The US government is working to reclaim funds that Bankman-Fried and Singh donated to Democrat-aligned PACs and liberal advocacy groups before FTX’s collapse.

US Government Pushes PACs For Return of $13.25M in Donations from FTX’s Executives

In a recent court filing, the US government formally requested more time to negotiate with political action committees (PACs) that received donations linked to Sam Bankman-Fried and Nishad Singh. Judge Lewis Kaplan approved the request, allowing the US until January 15, 2025, to continue its discussions.

The PACs in question, including the Senate Majority PAC, Emily’s List/Women Vote, and the Future Forward PAC, are largely Democrat-aligned organizations. The US government is seeking the return of funds contributed in the names of Bankman-Fried and Singh, which reportedly total $13.25 million. 

According to testimony, Singh stated he made some donations at Bankman-Fried’s instruction, even signing blank checks used for political contributions.

Court Filing Details Negotiation Efforts with PACs

The court documents indicate that the government is currently negotiating with several PACs to determine the forfeitability of the donations received. The Future Forward PAC, which reportedly received $1 million in Singh’s name and $5 million from Bankman-Fried, and GMI PAC, which received $2 million, are among those targeted in the recovery efforts. Senate Majority PAC and Women Vote were also recipients, with donations amounting to $2 million and $2.25 million, respectively.

These negotiations follow broader efforts by the US government to address donations tied to FTX executives amid allegations of fraudulent activity by Bankman-Fried and his associates. Several political organizations have reportedly returned funds previously donated by the executives, while others have redirected the money to charitable causes.

As part of the ongoing investigation, Bankman-Fried’s former colleague Nishad Singh recently received a sentence of time served and three years of supervised release. Nishad will avoid prison after providing testimony against Bankman-Fried.

The case has drawn attention to the legal considerations around political contributions from sources facing allegations of financial misconduct. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Elon Musk Raises Possibility Of Government Witch Hunt If Trump Loses

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Elon Musk could face a government inquiry into his immigration status if Donald Trump loses in the upcoming election. Musk recently suggested that a Trump loss could expose him to government actions, sparking new discussions about his immigration past and raising questions about whether political influence might intensify scrutiny. 

Moreover, legal and immigration experts have weighed in, indicating that Musk’s citizenship status could be reconsidered. This is particularly true if he is found to have misrepresented his work history during the naturalization process.

Will a Donald Trump Loss Lead to Government Vengeance on Elon Musk’s Immigration Case?

In a recent statement on X, Elon Musk expressed concern over potential government actions against him. He claimed it is “100% likely” that he could be targeted if Donald Trump is not re-elected. Musk’s comment has brought renewed focus to his early immigration status and work history in the U.S.

Reports indicate that in the 1990s, Musk may have worked without authorization before obtaining his H-1B visa. This has raised questions about his eligibility for U.S. citizenship. According to immigration law, misrepresenting work history or immigration status during the naturalization process can be grounds for revoking citizenship, though such cases are rare.

Additionally, legal experts say that while Musk’s immigration status could be subject to scrutiny, pursuing denaturalization is an uncommon path. Amanda Frost, a professor specializing in immigration and citizenship law, explains that working without authorization can prevent eligibility for a green card if not properly disclosed. However, there is often discretion in enforcing these laws, particularly for cases involving minor violations that occurred decades ago.

Experts Weigh Possible Outcomes Amid Immigration Past 

The heightened interest in Elon Musk’s citizenship status follows a Washington Post report suggesting that Musk may have overstayed a student visa in the 1990s. This was while working on a startup venture, later known as Zip2, before securing the required work authorization. 

However, Elon Musk has publicly denied that he worked illegally in the U.S. at any point. He has previously stated that he was on a J-1 visa that later transitioned to an H-1B. Immigration experts, nonetheless, note that overstaying a student visa or working without authorization could have led to ineligibility for naturalization had it been undisclosed.

Elon Musk’s assertions that he would be targeted by government agencies have intensified public interest in his past visa status. Stephen Yale-Loehr, a professor at Cornell Law School, points out that if the Tesla CEO concealed details about his work history on his immigration forms, he could face legal challenges.

In addition, amid potential government retaliation, attention has also turned to Donald Trump’s running mate, JD Vance. A recent disclosure reveals that Vance holds between $250,000 and $500,000 in Bitcoin, reinforcing his commitment to digital assets. As a U.S. Senator, Vance has publicly questioned the regulatory approach of the SEC toward crypto firms, promoting clarity in policies. Vance’s association with Trump in the race has been noted as a potential boost for pro-crypto legislation.

More so, analysts suggest that a Donald Trump administration will bring regulatory reforms beneficial to the digital assets industry. Most recently, Bitwise CIO Matt Hougan predicted that a Donald Trump administration could benefit altcoins like Ethereum by providing regulatory clarity. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US Job Data Signals Bitcoin & Altcoins Rally Ahead

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The latest US Job data showed that the non-farm payroll climbed by 12,000 in October, as compared to the market forecast of 110,000. On the other hand, the unemployment rate remained unchanged last month, sparking discussions in the market. Notably, this US non-farm payroll data is a crucial metric considered by the Federal Reserve to decide their monetary stimulus plans.

US Job Report Sparks Market Optimism

The latest US Job data by the Labor Department showed that the non-farm payroll surged by 12,000 in October, down from the revised figure of 223,000 noted in the prior month. Notably, the market was anticipating the figure to stay at 110,000.

On the other hand, the US unemployment rate remained steady at 4.1%, unchanged from the figure noted in September. It also comes in line with the Wall Street expectations. The Average Hourly earnings for October came in at 0.4%, while on a year-over-year (YoY) basis, it surged 4%.

Meanwhile, the latest job data appears to have given some relief to the investors, who were expecting the Fed to pause cutting the interest rates this month. Notably, the cooling non-farm payroll data and rising unemployment rate tend to boost the market sentiment. In other words, such conditions usually hint towards a hawkish move by the central bank.

Having said that, the latest job data indicates a potential US Fed rate cut in November, followed by another rate cut next month.

Will Bitcoin And Altcoin Prices Rally?

The latest US Job data raises hopes over a potential rally in the broader financial market, with optimism soaring over a dovish by the central bank at the upcoming FOMC next week. Besides, it also appears to have boosted the crypto market sentiment, with investors now anticipating a rebound in Bitcoin and other top altcoins.

Following the data, the US 10-year Bond Yield fell more than 1% to 4.242, while the US Dollar Index retreated 0.25% to $103.62. This has also sparked speculation as a weakening dollar is usually good for digital assets for Bitcoin and other crypto.

Meanwhile, many in the crypto market were expecting the Fed to pause its rate cut plans in November while anticipating robust job data. However, following the release, the market is now heavily betting towards a 25 bps Fed rate cut at the upcoming FOMC on November 7. CME FedWatchTool showed. Besides, the market is also expecting another same percentage point cut at the central bank’s December meeting.

CME FedWatch Tool US Job Report Fed rate cutCME FedWatch Tool US Job Report Fed rate cut
Source: CME FedWatch Tool

Besides, the upcoming US Election is also expected to boost Bitcoin and altcoin prices. Considering all these aspects, along with the historical trends noted in the final quarter of the year, many are now expecting the crypto market to move towards the north in the coming days.

As of writing, BTC price traded in the red, but wiped off some of its losses and crossed the brief $70,270 mark. Besides, on a 4-hour time frame, the Bitcoin Futures Open Interest also rose nearly 2% to 592.73K BTC, CoinGlass data showed.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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