“Faketoshi” may not be able to hand over billions of bitcoin
A man who claims he was the founder of the bitcoin cryptocurrency has said he may not be able to comply with an order from an American judge to give up some of his holdings.
Craig Wright, whose statements that he is the mysterious Satoshi Nakamoto have been widely discredited, claims to require what he described as “private keys” in order to access the crypto coins.
However, he has since said he is not “certain that information will in fact arrive” that will enable him to comply with the request.
The demands come after a protracted court case which has seen Wright accused of lying again.
Earlier this year, a Magistrate Judge in the US named Bruce Reinhart claimed that Wright had lied when submitting documents to the court.
Reinhart also found that Wright’s partner Dave Kleiman, who has since died, actually had ownership of over 50% of the bitcoins which Wright had mined in a particular period of time.
The primary concern among many traders, however, is that Wright will have to ‘dump’ the cryptocurrency – which, given its large size, could have significant knock-on effects for the wider bitcoin market.
As a result, Wright has offered assurances that he will pursue a different approach.
“I do not intend to dump my family’s BTC as some people suspect or want, as this would hurt many people in the industry”, Wright said about his purported holdings.
According to the cryptocurrency press, however, there is also some speculation as to whether or not Wright actually does have any crypto holdings whatsoever.
One report claims that the judge was presented with evidence that a “trust file” with the currency apparently in it was not real.
Corporate fraud body set to guide on blockchain
An international organisation dedicated to tackling corporate fraud has announced that it will publish its guidelines on blockchain security in 2020.
The Treadway Commission, which is known in full as the Committee of Sponsoring Organizations of the Treadway Commission (COSO), said last week that it would publish the information next year.
In terms of dates, the scheduled launch period for the information is currently Q1 of next year.
The Commission, which was founded in the 1980s, usually focuses on giving advice for risk management and corporate governance purposes.
Its advice is not binding, but firms can choose to use it in order to reduce the risk that they will face fraud.
Its new blockchain guidance will be particularly targeted at companies which work in the financial industry as well as in the supply chain management sector.
According to reports, there will be a focus in part on dealing with fraud risks instantaneously and in real time due to the quick nature of many modern business transactions.
It will also help companies to properly comprehend the anonymous nature of blockchain environments, reports indicate.