Suspected bitcoin founder attempted to sell $85 million in bitcoin for gold

In 2013, Craig Wright, a Sydney businessman now suspected of being bitcoin creator Satoshi Nakamoto, attempted to sell a huge sum of bitcoin for gold. He attempted to purchase gold and software from Perth businessman Mark Ferrier with $85 million worth of bitcoin, according to a report by Business Insider Australia.

Ferrier allegedly told Wright to invest the bitcoins in gold, but after Wright had paid his bitcoins to Ferrier, the deal did not go through. Ferrier was arrested and Wright sued him for $84.42 million in the Federal Court. The lawsuit was dropped in March 2014.

Some believe that Wright's vast collection of bitcoins is evidence that he is Satoshi Nakamoto. The 380,203 bitcoins he paid to Ferrier made up 5 percent of the total number of bitcoins in circulation in 2013.

Topics: Bitcoin, Security / Theft

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