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Attorney Fees Stack up as Craig Wright Fights Court Order

During the last week, court documents stemming from the Kleiman v. Wright lawsuit show that the Kleiman estate is now pursuing roughly $658,581 for attorney fees and expenses. Additionally, self-proclaimed Bitcoin inventor Craig Wright has filed a motion to fight the sanctions imposed on half of his alleged BTC holdings and intellectual property.

Also Read: Billion Dollar Bitcoin Lawsuit Continues as Craig Wright Breaks Settlement

Kleiman Estate Is Seeking More Than $650K for Attorney Fees and Expenses

The billion-dollar bitcoin lawsuit continues in Southern Florida as court documents filed this week show a fierce battle between the two parties. Weeks ago reported that the high profile Kleiman v. Wright case was seemingly headed toward a settlement. However, the Kleiman estate filed a court document that explained: “Craig could no longer finance the settlement and was “breaking” the non-binding settlement agreement.” Wright is being sued by Ira Kleiman, the brother of the now-deceased David Kleiman because the Kleiman family believes Wright interfered with David’s BTC assets and intellectual property. A motion filed on Wednesday, November 20 shows that the Kleiman estate and the law firm Roche Freedman LLP seeks $658,581 in attorney fees and expenses. The attorneys say these fees and expenses accrued during the attempt to get court orders imposed against Wright.

Kleiman’s counsel is pursuing approximately $66,023 in expenses incurred during the compel process and roughly $592,558 in lawyer fees. Judge Beth Bloom has decided to have Magistrate Judge Reinhart look the motion over and also extended time for Wright’s objection filings. The plaintiffs’ attorneys Roche Freedman believe the $658,581 is based on “reasonable hourly rates” comparable law firms would charge for the work done so far. “[It is] an appropriate number of hours worked in light of the scope and extent of Craig’s deception and the amount at stake in this litigation,” the Kleiman estate’s filing reads.

Attorney Fees Stack up as Craig Wright Fights Court Order

Wright Wants Sanctions Lifted and Produces an Address Showing BTC Transfers With Mike Hearn

Filings submitted on Monday by Wright’s legal team, Rivero Mestre LLP, indicate that Wright wants the judge to lift the sanctions imposed against him. Rivero Mestre says that it is pretty much “impossible” for Wright to produce all his BTC addresses used before 2013.

“A two-day evidentiary hearing yielded uncontroverted testimony and other evidence establishing that (1) it was impossible for Dr. Craig Wright to produce a complete list of all bitcoin that he mined nearly a decade ago, and (2) even though producing such a list was impossible, Dr. Wright had taken extraordinary steps to create a list of the most probable Bitcoin addresses that he had mined,” Rivero Mestre’s court filing underscored.

Attorney Fees Stack up as Craig Wright Fights Court Order

According to Wright’s defense team, the order was a “judgment of liability without trial” and the attorneys believe Judge Reinhart doesn’t have the power over certain jurisdictions. Moreover, the Bitcoin security specialist Wizsec looked into claims Wright made toward ownership of a specific address that saw bitcoins being sent to former BTC developer Mike Hearn.

“Craig Wright says he ‘definitely knows’ he mined these bitcoins and sent them to Mike Hearn, but anyone who spends more than five minutes Googling those historical transactions will realize this is actually Hearn’s address,” Wizsec wrote on November 26. The criticism against Wright’s claims continued as Wizsec declared:

[The BTC address] held coins mined by Mike Hearn, not Satoshi. Hearn used them to return Satoshi’s gifted 50 BTC. This is trivial to piece together from their publicly available email exchanges.

Attorney Fees Stack up as Craig Wright Fights Court Order

The Debate Over Stolen Bitcoins

Members of the crypto community also discussed the resurgence of Wright talking about the alleged bonded courier and the so-called Tulip Trust. On Kleiman v. Wright filing document 311, the defense attorneys say: “At most the discovery ordered would have shown that bitcoin Dr. Wright had mined were moved from one pseudonymous public address to another pseudonymous public address. Even if plaintiffs knew the identity of Dave’s public addresses (they have failed to introduce any such evidence) and were able to strip away the pseudonymity, showing that [the] bitcoin Dr. Wright mined were later transferred into Dave’s public addresses would not show that Dr. Wright stole bitcoin from Dave — If anything, it would show that Dave stole bitcoin from Dr. Wright.”

Attorney Fees Stack up as Craig Wright Fights Court Order

The filing notes that during the two-day evidentiary hearing, the plaintiffs failed to “demonstrate that a list of Dr. Wright’s mined Bitcoin addresses would have any connection to any allegation in their complaint.” Wright wants Reinhart’s order to be tossed out and it’s very likely that Judge Beth Bloom will preside over the next ruling. Court documents show that the Kleiman estate is attempting to hold a hearing on December 4, 2019.

What do you think about the latest details in the ongoing Kleiman vs. Wright case? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Wiki, Twitter, Pixabay, Ars Technica, Court Listener, and Pacer.

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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for about the disruptive protocols emerging today.

Jamie Redman , 2019-11-28 05:30:39 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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