Tulip’s case was thrown out last year, but the Court of Appeal ruled on Friday that developers arguably do owe duties to owners, which should be determined at a full trial.
Judge Colin Birss said Tulip had a realistic argument that cryptocurrency is “entrusted” to network developers, who could therefore have a duty to, for example, “introduce code so that an owner’s bitcoin can be transferred to safety”. Wright says he wrote the bitcoin white paper which first outlined the technology behind the digital assets under the pseudonym Satoshi Nakamoto in 2008, however the claim is hotly disputed.His lawyer, Felicity Potter, said the decision was “a step towards a properly regulated and well-governed digital asset ecosystem which should be welcomed by potential and current coin-holders alike”.
James Ramsden, a lawyer who represented 13 of the 14 developers involved in the appeal, told Reuters that code writers are “incredibly nervous” about the case, which could leave them liable for massive sums of money if Wright wins. He added that the outcome of any trial will affect “all aspects of , whether it involves value tokens or NFTs or the wider blockchain system”.
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