Former Twitter CEO Jack Dorsey Announces Bitcoin Legal Defense Fund to Assist Developers in Legal Trouble

Dorsey will be working alongside Chaincode Labs co-founder Alex Moros and University of Sussex academic Martin White.

Former Twitter CEO Jack Dorsey Announces Bitcoin Legal Defense Fund to Assist Developers in Legal Trouble

Photo Credit: Reuters

The fund will help provide a legal defense for Bitcoin developers

Highlights
  • The fund aims to assist Bitcoin developers in legal disputes
  • The fund will cover legal bills, appoint defence attorneys
  • The non-profit fund represents a formal and coordinated approach

Block CEO and former Twitter CEO Jack Dorsey has proposed the creation of a legal defence fund that would help Bitcoin developers deal with mounting litigation. Called the Bitcoin Legal Defense Fund, it's services would be free for developers to take advantage of if they choose to do so. Initially, volunteers and part-time lawyers would assist with cases, and the fund's board would be responsible for determining which cases and defendants to help. Dorsey outlined the basics of the proposal in an email to the Bitcoin-dev mailing list.

In the email, Dorsey said litigation and continued threats to the community are having their intended effect as some individual defendants have chosen to surrender in the absence of legal support.

The Bitcoin Legal Defense Fund would essentially serve as a non-profit entity tasked with helping developers minimise legal headaches. Specifically, the fund would assist with finding and retaining defence counsel, developing legal strategies, and paying legal fees. In fact, the fund will also include a team of volunteers and part-time lawyers, readily accessible to developers for legal counsel.

Apart from Dorsey, the email was signed by Chaincode Labs co-founder Alex Morcos and academic Martin White, who both join the former Twitter boss on the fund's board.

The Bitcoin Legal Defense Fund's first move will be to support 16 developers being sued by Craig Wright, an Australian computer scientist who claims to be the creator of Bitcoin. Wright won a court battle in December 2021 to keep a cache of 1.1 million Bitcoins, worth about $54 billion (roughly Rs. 3,99,238 crore) at the time.

In the new case, known as the "Tulip Trading" lawsuit, Wright claims the access keys for a Bitcoin wallet were stolen from him last year in the Mt. Gox hack, and he is demanding the developers be forced to give him back control of the wallet — another case with Billions of dollars at stake.

Dorsey, who has become more crypto-focussed since stepping down as Twitter CEO to concentrate on his digital finance company Block, which rebranded from Square. Recently, two NBA stars agreed to have their salary paid in Bitcoin via its Cash App, the latest in Dorsey's efforts to grow Bitcoin adoption.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Shomik Sen Bhattacharjee
Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
Assembly Elections 2022: Twitter Announces Initiatives to Empower Voters With Reminders, Special Emoji, Quiz
Share on Facebook Tweet Snapchat Share Reddit Comment
 
 

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.