Tulip Trust, Bonded Courier, One Million Bitcoin, a Massive Rolling Iceberg Order: Is Craig Wright the Bitcoin Version of Dr. Evil? Or Is It All a Fantasy?

January 6, 2020 / by Zachary Mashiach

In recent months and years, Craig Wright has periodically been at the center of attention in the crypto space. Wright has claimed numerous times to be Satoshi Nakamoto, even going as far as copyrighting Bitcoin’s (BTC) code and registering Satoshi Nakamoto as his pseudonym, without giving essential proof, which would be a message signed with the private key from the genesis block.

In this article, we detail how the story surrounding Wright has escalated into a plot that sounds like something from Dr. Evil, the archvillain in the Austin Powers movies, and questions if it is all just a fantasy.

It all starts with the Estate of Dave Kleiman Vs. Craig Wright court case in the United States District Court for the Southern District of Florida. The backstory is that Kleiman and Wright mined one million Bitcoin (BTC) together, but after Kleiman died, Wright did not give Kleiman’s heirs any Bitcoin (BTC).

The court demanded that Wright provide a list of his Bitcoin (BTC) holdings, and in response, Wright pulled many tricks to stall the proceedings while ultimately not providing any evidence of the existence of the Bitcoin (BTC). The judge found Wright’s testimony to be fraudulent, contradictory, and convoluted.

Eventually, Wright revealed that the Bitcoin (BTC) had been deposited into the Tulip Trust, which consists of a file encrypted with Shamir’s Secret Sharing Algorithm that can only be unlocked with enough key shares.

Wright claimed that he did not have enough key shares to open up the Tulip Trust, but a bonded courier would arrive on Jan. 1, 2020 to provide Wright with the last key share needed to open up the encrypted file, at which point Wright would have access to the Bitcoin (BTC) and could finally provide the court with the requested information.

The judge found this explanation to be ludicrous and was in disbelief that anyone would relinquish access to billions of dollars and then risk billions of dollars on whether a bonded courier would arrive.

In any case, the crypto community was eagerly anticipating the arrival of the bonded courier on New Years Day, with most of the crypto community making fun of the situation. But of course, Craig Wright would not disclose information regarding the bonded courier whether they arrived or not.

Also, it seems possible that the bonded courier story was just a tactic to stall the court. That being said, if the bonded courier does not arrive, it will likely be really hard for Wright to wiggle out of this situation during the March 2020 trial since the judge is already irritated with Wright.

Wright is already trying to wiggle out of the situation regardless. In Wright’s official statement on his website, he says there is no way to be certain that the bonded courier will arrive, and it is not certain that the Tulip Trust would contain private keys, which seems extra fishy since Wright designed the Tulip Trust.

Simultaneously, Wright’s statement says he aims to slowly migrate Bitcoin (BTC) miners and users over to Bitcoin SV (BSV) during 2020 and will only slowly dump his coins so that Bitcoin (BTC) users can migrate to Bitcoin SV (BSV) without getting completely rekt.

Wright goes on to talk about how Bitcoin (BTC) is not the ‘true Bitcoin’, and that anonymity has made Bitcoin (BTC) corrupt. Wright says that governments are not that bad if they are honest and subject to the will of the people. This seemingly suggests that Wright is planning on destroying anonymous cryptocurrencies and replacing them with a non-anonymous version of Bitcoin SV (BSV), although we cannot confirm this.

The Wright statement on his website at the end of December seems to be related to another statement Wright posted at the end of September 2018. In that statement, he said he will sell off a large amount of Bitcoin (BTC) right around the May 2020 block halving, while simultaneously 51% attacking the Bitcoin (BTC) network to throttle movement to and from exchanges, aside from his own exchange transactions. He also said he would reject and spend all SegWit blocks while rejecting all other transactions in general.

Wright’s statements indicate that he is planning to destroy Bitcoin (BTC) and replace it with Bitcoin SV (BSV). If these statements are true, and that is a big if, perhaps the court was being stalled so that Wright would have time to enact his plan before losing half of the Bitcoin (BTC) to the Kleiman Estate.

It seems there are three possibilities: 1) Wright really did receive the one million Bitcoin (BTC) from the bonded courier and will go through with his Dr. Evil-esque plan to destroy Bitcoin (BTC) around the time of the block halving, 2) Wright had the one million Bitcoin (BTC) all along and was just stalling the court so that he could carry out his plan, and 3) Wright does not actually have one million Bitcoin (BTC) and is not Satoshi, and his threats of destroying Bitcoin (BTC) were a lame and failed attempt to cause a Bitcoin SV (BSV) rally.

It remains to be seen what will happen. That being said, Wright cannot provide a message signed with the private key from the genesis block, and therefore option 3, where nothing bad happens, seems the most likely. Regardless, it will be quite interesting to monitor the Estate of Dave Kleiman vs. Craig Wright trial in March 2020, especially if Wright tries to claim that the bonded courier never arrived or that the Tulip Trust actually contains no private keys.

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