Self-proclaimed Bitcoin creator and Bitcoin SV Founder, Craig S Wright, “pulled out of settlement talks” in the Dave Kleiman case in which the court ruled in favor of the latter last month. The estate of Dave Kleiman [now deceased] had initiated a lawsuit against Wright for allegedly stealing $5,118,266,427.50 worth of Bitcoin. Following which Wright was forced to enter settlement talks with the estate of his late partner Dave Kleiman after the judge ruled that he owed over $10 billion in the dispute.
A document revealed by Bitcoin investor Alister Milne stated that:
“Plaintiffs were informed Craig could no longer finance the settlement and was ‘breaking’ the non-binding settlement agreement.”
Taking a dig at Wright and his supporter Calvin Ayre, the British entrepreneur tweeted:
“Craig Wright pulls out of settlement talks with Kleiman… says he can ‘no longer finance’ a settlement. CSW is broke and Calvin Ayre won’t pay? I guess Kleiman wants half of zero instead…”
The official document concluded that the motion was “time-sensitive” and “required a ruling before November 7, 2019”, on failing which, “the issue will become moot as the deponent will no longer be available for deposition in the United States.”
UAE notes surging crypto demand as country deliberates regulations
2019 has seen large-scale blockchain adoption. With China trying to beat the world to its central bank-backed digital currency, the United Arab Emirates [UAE] too, has begun drafting regulations. According to reports, UAE has been preparing for a rapid expansion in light of increasing demand for cryptocurrencies.
According to Google trends, the terms with an increased volume include, Bitcoin and cryptocurrency, along with other cryptos. However, apart from the search hike during the 2017-18 bull run, the trends for Bitcoin and cryptocurrency were at a rise in the UAE in 2019.
The search volume for Bitcoin remained quite high in the sub-regions of Umm Al Quwain, Ajman, and Ras al Khaimah. While ‘cryptocurrency’ search trends were high in Dubai, Abu Dhabi, and Fujairah.
Apart from the rising trend, the country has seen crypto transactions worth over $210 million, making it one of the top countries reporting digital asset transactions. At Dubai’s International Financial Centre the country registered 100 fintech firms, a three-fold growth since 2018.
In early 2019, two UAE startups raised almost $210.5 million in token sales, accounting for almost a quarter of the total capital amassed globally according to CoinSchedule in April.
According to reports, the increased trading has lured many institutional investors and may expand in Dubai mainly due to extensive inflows of institutional investors.
UAE had previously announced its Securities and Commodities Authority [SCA] had sought the opinion of financial industry partners for finalizing the draft. For which it invited various investors, brokers, financial analysts, researchers, media and other interested parties to review the draft.
SCA had also announced to introduce Initial Coin Offering [ICO] by the end of the first quarter, while it was working on the ICO token trading platform.