Jack Dorsey sent an Email to BTC-dev mailing lists proposing a legal fund. Professor Martin White, Alex Morcos (ex-Twitter CEO), and Alex Morcos (chain code Labs founder) all signed the email. You can also find the letter in a few tweets.
Dorsey says that BTC developers need to be supported with a legal defense fund because they are vulnerable to legal threats.
He claimed that developers are currently facing numerous lawsuits, and that most of them do not have legal representation.
Jack explained that the need for this fund stems from developers’ difficulties. Jack explained that developers have difficulty finding qualified advisers, developing litigation strategies and paying their legal team’s fees.
Jack Dorsey stated that the fund won’t solicit funds from the public at large for the moment. However, it may seek funds in the future but only with the consent of its governing boards.
The post stated that the fund would support developers in the MT GOX hack attack case. The fund will also assist in defense of Wright’s Tulip Trading lawsuit. This is a case in which BTC developers are being sued for funds that were misplaced during the cyberattack on MT GOX.
Dorsey and supporters claim that the fund will be free and open to all, which would make it easier for developers to access it if they require it.
It creates a non-profit organisation with part-time attorneys. The fund’s board will also have full control over the lawsuits it pursues.
The MT GOX cyberattack is one of the worst in crypto. The breach resulted in the loss of hundreds and thousands of Bitcoins on the largest Bitcoin exchange in the world.
Although a portion of the stolen BTC has been recovered, there is still a larger amount that remains unaccounted. These things are worth watching as the court battles continue over the disappearance of the funds.
Wright won a legal battle that enabled him to keep his business partnership with David Kleiman intact.
Kleiman was an expert in computer forensics and his family believe that he helped Wright to develop BTC. However, the evidence points in Wright’s favor and indicates that he is the sole owner of the network.
He now has the authority, as a result of the resolution to the case, to pursue copyright claims relating to BTC white papers. MT GOX victims can wait to see the outcome of the court battles.