Jack Dorsey sent an email to the BTC-dev mailing list proposing a legal fund. The former Twitter CEO, chain code Labs co-founder Alex Morcos, and professor Martin White all signed the email. The letter can also be found in a few Tweets.
BTC developers, according to Dorsey, need to be supported by a legal defense fund since they are susceptible to legal threats.
He claims that these developers are facing various lawsuits and that the majority of them are without legal representation.
The need for this fund, said Jack, stems from the difficulties that developers face. He clarified that they have trouble finding dedicated advisers, devising litigation strategies, and paying their legal teams’ charges.
For the time being, Jack Dorsey has stated that the fund will not solicit any funds from the general public. It may, however, seek funds in the near future, but only with the agreement of its governing board.
According to the post, the fund would begin by supporting developers in the MT GOX cyberattack case. It further stated that the fund would aid in the defense of the Wright’s Tulip Trading lawsuit, which some BTC developers are facing over funds misplaced in the exchange’s cyberattack.
According to Dorsey and his supporters, the fund would be free and optional, making it easier for developers to obtain it if they need it.
It establishes a non-profit organization with part-time lawyers. Furthermore, the fund’s board of directors will have complete control over which lawsuits it will pursue.
Among the most terrible cyberattacks in the crypto field is the MT GOX case. The breach led to the loss of hundreds of thousands of Bitcoins from the world’s biggest Bitcoin exchange.
Despite the fact that part of the looted BTC has been reclaimed, a bigger quantity remains unaccounted for. As the court battles over the funds’ disappearance continue, these things are worth keeping an eye on.
Wright recently won a legal struggle that allowed him to avoid breaking a business collaboration with David Kleiman.
Kleiman was a computer forensics expert, and his family believes he assisted Wright in the development of BTC. Nevertheless, evidence has swung in Wright’s favor, indicating that he is the only owner of the network.
As a result of the case’s resolution, he now has the authority to pursue copyright concerns relating to the BTC white paper. Currently, the victims of MT GOX can only wait to see what happens next in the ensuing court battles.
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates.