Jack Dorsey, former CEO of Twitter, has been one of the most vocal advocates for Bitcoin. After leaving Twitter, Dorsey is now working on various initiatives to support Bitcoin, the latest of which is the creation of a fund to support the legal defense efforts of Bitcoin developers.
The new fund, called the Bitcoin Legal Defense Fund, will provide legal defense services to bitcoin developers.
Dorsey sent an email to bitcoin developers informing them of the new fund, which he said would be a “non-profit entity designed to reduce the legal headaches that prevent software developers from actively developing bitcoin and related projects such as the Lightning Network, Bitcoin Privacy Protocol, etc.”
The fund’s creation comes at a critical time for bitcoin developers, who have recorded a significant increase in “multi-faceted lawsuits and ongoing threats.”
The impact of these cases is that most developers involved have given up their legal efforts due to the lack of a familiar legal support team. However, Dorsey's fund aims to fill this gap.
The fund’s main goal is to assemble a defense team to fight cases on behalf of developers. The lawsuits covered by the fund are those involving these developers’ activities in the Bitcoin network.
The email also added that the fund will play a role in "finding and retaining defense counsel, developing litigation strategies, and paying legal fees." The fund will be provided free of charge, and Bitcoin developers are not required to use it when they need legal assistance.
The fund’s board of directors, which will include Jack Dorsey, academic Martin Wright and Chaincode Labs co-founder Alex Mokos, will be responsible for selecting lawsuits and defendants.
Dorsey’s fund has chosen the first legal case to take on. The email added that the fund will “take over the existing defense of the Tulip Exchange litigation against certain developers and provide funding for outside counsel.”
The Tulip case is very well known in the cryptocurrency industry. The case involves Craig Wright, who claims to be the creator of Bitcoin, Satoshi Nakamoto. Wright sued several Bitcoin developers, claiming that they caused him to lose more than $4 billion worth of Bitcoin after a hack. Craig argued that the developers must reverse the transaction.
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