RATE Group | Can Bitcoin Be Seized as Self-Proclaimed BTC Creator Craig Wright Claims?
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Can Bitcoin Be Seized as Self-Proclaimed BTC Creator Craig Wright Claims?

28 Feb Can Bitcoin Be Seized as Self-Proclaimed BTC Creator Craig Wright Claims?

Posted at 18:08h in Bitcoin News by

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As Cointelegraph reported yesterday, self-proclaimed Bitcoin (BTC) creator Craig Wright claims that Bitcoin can and will be seized to accommodate court orders. What follows is an analysis of whether what he says is possible and plausible.

Screenshots resurfaced on Feb. 26, show that Wright claims Bitcoin will be seized without using the owner’s private keys. Instead, it will be moved through miners and nodes coordinating to comply with a court order. He said that code is law but “courts can mandate patching code.”

Cryptocurrency security consultant Sergio Demian Lerner told Cointelegraph that Wright’s proposition “is morally and legally ridiculous” given that the stolen Bitcoins “may have switched hands too many times to confiscated now.”

Mining pool coercion could work, in theory

Furthermore, Lerner also said that miners cannot take control of the Bitcoins without changing the consensus protocol. Still, he admitted that mining pools, on the other hand, may be able to…

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