Bitcoin: legal action to recover Satoshi Nakamoto’s wallet – 111,000 BTC

© Reuters – Satoshi Nakamoto is considered the inventor of Bitcoin, but to this day it is still unclear who is behind this pseudonym. Craig Wright claims for a few years to have developed the first digital currency in the world. He also conducted several lawsuits against people who called him a liar. During these legal proceedings, however, Wright never succeeded in proving that the BTC was attributable to him.

However, it’s not so much fame and honor that Wright is interested in, but rather the 111,000 bitcoins that sit on Satoshi Nakamoto’s wallet. He claims to have lost his access key, which prevents him from accessing this fortune worth 2.5 billion dollars.

He filed a lawsuit in London against 14 bitcoin developers, which was accepted by judge Colin Birss. Craig demands that the programmers modify the code in a way that gives him access to “his” wallet.

The blockchain thus risks losing its decentralized character if it were to be possible in the future to access wallets without being in possession of the private key.

Bitcoin: technical benchmarks

Bitcoin is currently losing -2.37% at a price of $22.825, while the weekly loss stands at -3.66%.

On Sunday, the support at the 23.6 percent Fibo retracement at $23,319 was sustainably broken, followed by a test of the 38.2 percent Fibo retracement at $22,771. In the event of a daily close below this support, the downward move may continue towards the 50 percent Fibo retracement at $22,327.

Bitcoin (BTC/USD) 4-Stundenchart

The RSI is on the edge of oversold conditions with a value of 33.56, which argues for a temporary consolidation of losses.

Only if we can sustainably overcome the resistance of the 23.6% Fibo retracement, we can expect an upside move towards the recent high at $24,207.

By Marco Oehrl

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