Twitter Co-founder And Bitcoin Whale Sets Up The Bitcoin Defense Legal Fund

2022-01-13 00:23:05
The First Bitcoin Legal Defense Fund

The former CEO and co-founder of Twitter, Jack Dorsey, launches a brand new legal defense fund, specifically to assist bitcoin developers. The first task of the so-called ‘Bitcoin Legal Defense Fund’ is going to be current Tulip Trading legal proceedings.

Jack Dorsey informed bitcoin developers about the Bitcoin Legal Defense fund via email. Moreover, the ex-CEO of Twitter informed the developers that the goal of this nonprofit legal fund is to help bitcoin developers in various legal proceedings, such as the Tulip lawsuit.

The Bitcoin Legal Fund is a nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects such as the Lightning Network, Bitcoin privacy protocols, and the like.Jack Dorsey | Co-founder & Former CEO - Twitter

Specifically, the number one priority of the legal bitcoin fund is to simply protect bitcoin developers from lawsuits. And according to Dorsey, this protection includes a wide range of legal services, that mostly depends on each case, individually.

The Bitcoin Legal Defense Fund will be run by a three-member board, comprised of Jack Dorsey himself, Chaincode co-founder Alex Morcos and Martin White, a prominent academic. Some of the more important tasks of the board will be selecting defendants and lawsuits while providing logistic support.

One one of the coolest things about this legal fund is that it is absolutely free of charge. It is 100% voluntary, and as such, it leaves it up to the developers themselves to contact the legal entity.

First Task – Major Case

The Tulip Trading case is the first challenge for Dorsey’s Bitcoin Legal Defense Fund. In particular, the case is about the self-proclaimed king of bitcoin, Craig Wright, who presents himself as Satoshi Nakamoto himself, the alleged founder of bitcoin.

In what is probably the bitcoin lawsuit of the decade, Wright is in the process of suing a list of bitcoin developers, which he claims conducted a hack on his bitcoin funds.

And as a result of the alleged hack, Wright claims that he lost more than $4 billion in bitcoin, and urges the developers to return the funds.

Due to this high-profile lawsuit that many crypto experts believe to be exaggerated, Jack Dorsey states that the Bitcoin Legal Fund will provide funds for hiring outside legal counsel.

And that they won’t rest until they prove the innocence of the bitcoin developers.

The Bitcoin Legal Defence Fund take over coordination of the existing defence of the Tulip Trading lawsuit against certain developers alleging breach of fiduciary duty and provide the source of funding for outside counsel.Jack Dorsey | Co-founder & Former CEO - Twitter

Ever since he left the position as chief executive of Twitter, crypto whale and bitcoin supporter Jack Dorsey is constantly finding ways to help and improve the crypto, i.e. bitcoin community. And the latest Bitcoin Fund is just a testament to that fact.

We only hope that this will inspire a great deal of some of the most influential people in the blockchain industry, to take a stand in favour of crypto. Especially since the majority of them literally made a fortune thanks to the developers of digital assets.

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