Co-founder of Twitter and CEO of Block Jack Dorsey announced the creation of a fund to protect bitcoin developers in legal proceedings.
So @jack just mailed to the bitcoin-dev mailing list …
– Leo WalletScrutiny Wandersleb (@LeoWandersleb) January 12, 2022
The Bitcoin Legal Defense Fund has set itself the goal of protecting a “particularly susceptible to legal pressure” community. The foundation is ready to provide lawyers, develop defense strategies and cover legal costs so that bitcoin developers can continue their work.
“We offer a coordinated and formalized response”– wrote Dorsey.
The council included the CEO of Block, co-founder of Chaincode Labs Alex Morkos and scientist Martin White. The Fund, if necessary, is ready to consider the option of attracting external financing.
Initially, the Bitcoin Legal Defense Fund will be supported by part-time volunteers and lawyers. His advice will focus on resource allocation.
The first event of the non-profit organization will be support for 16 developers who became defendants in a lawsuit from Craig Wright. The self-proclaimed Satoshi Nakamoto demanded access to the bitcoins that were allegedly lost through their fault.
As a reminder, in December, Dorsey-founded and led payments company Square changed its name to Block to emphasize its commitment to blockchain.
The company previously invested $ 50 million in bitcoin and $ 170 million in equity.
In February 2021, Dorsey and rapper Jay-Z pledged to donate 500 BTC to create ₿trust, which aims to support Bitcoin developers in Africa and India.
Another Dorsey project, Spiral (formerly Square Crypto), unveiled a set of tools for developing cryptocurrency wallets and other technical solutions based on the Lightning Network in December.
In January, Block opened vacancies for specialists in the development of a “next generation” ASIC miner and a hardware wallet “for the next 100 million bitcoin users.”
Dorsey announced the possibility of creating the latter in June 2021. A month later, Jesse Dorogusker, the head of hardware product development at the payment company, confirmed the plans.
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