Coinbase may have violated the rules on public securities. THE'exchange of cryptocurrency, in fact, it would not have warned investors of potential lawsuits brought by Craig Wright. Actions which concern intellectual property rights both as regards the Bitcoin, both the database blockchain of Bitcoin, which the now self-proclaimed Satoshi Nakamoto would have assigned to International Investments (WII) in 2009.
These actions are mentioned in the letters that two lawyers who look after the interests of the Australian businessman sent to Coinbase Global Inc. In practice, through them Wright states that the name Bitcoin now exclusively applies to Bitcoin Satoshi Vision (BSV) and that WII intends to protect and enforce its rights on such intellectual property.
Where does Coinbase's breach come from?
Practically, Coinbase has yet to publicly confirm receipt of these letters. In fact, it is not possible to trace any mention of them in the report relating to the earnings of the third quarter and, above all, no hint of contacts with the Securities and Exchange Commission (SEC) of the United States, which requires listed companies to issue notices relating to significant and unscheduled events or corporate changes that could have a significant impact on shareholders.
What could happen now?
Coinbase's omissions did not escape Craig Wright, who had pointed them out on a channel Slack. He also had then issued a warning of no small importance, stating that in this way the exchange is exposed to a class action, as well as making the directors and officers of the company personally liable for any damage that may ensue.
Wright did not hide the fact that failure to report a material event of this size is a crime. But even more worrying is the effect on the markets of what happened. According to him, in fact, among the measures that the SEC could reach there would even be the delisting of Coinbase from Nasdaq.
What is really happening?
What is happening around Coinbase needs to be considered yet another act of the real war between Craig Wright and much of the world crypto. The crypto trading platform, in fact, is one of the founding members of Cryptocurrency Open Patent Alliance (COPA), a group of Bitcoin advocates who started a UK High Court proceedings aimed at undermining Wright's claim on the authorship of the Bitcoin white paper. A move to which the letters from the Australian businessman are clearly an answer.
The dispute brought by Dave Kleiman
The other legal front that Craig Wright is currently engaging is that relating to civil lawsuit pending in Florida. A lawsuit which was brought by Dave Kleiman, brother of the deceased Ira, a friend and colleague of Wright's and that could give rise to sensational results.
The crux of the dispute in this case is represented by approx 1,1 million Bitcoins held by the Tulip Trust. Wright first claimed to be in possession of the private keys, and then retraced his steps. The result of this reckless behavior had resulted in one Bitcoin Satoshi Vision's resounding growth is in a 40% drop after Wright's step backwards.
Just what happened had prompted again the many detractors to rekindle the accusations against what many, for some time now have indicated as the Faketosh, or the false Satoshi. In this real war, the part relating to Coinbase represents just the umpteenth act.