The Week in Crypto – Deals, Bitcoin Copyright, and Localbitcoins

Reading Time: 2 minutes

This week in the crypto world we saw Gemini and Genesis finally come to an agreement over the frozen $900 million dollars, Craig Wright lose a copyright claim over the Bitcoin file format, and the crypto world say farewell to Localbitcoins.

Heave ho!

DCG and Gemini Reach Deal

The Digital Currency Group (DCG) and crypto exchange Gemini this week reached an agreement over the $900 million in user funds trapped on the Genesis Global Capital (GGP) platform. The funds have been stuck ever since GGP halted withdrawals in November, which saw Gemini co-founder Cameron Winklevoss campaigning for a solution.

The agreement will see Gemini contribute up to $100 million in cash as part of the deal that would see Genesis sell its trading arm, Genesis Global Trading (GGT), and will let Gemini Earn customers recover around 80% of their deposits.

Bitcoin File Format Copyright Claim Fails

Craig Wright failed to assert copyright over the Bitcoin file format this week, although he was given leave to serve a collection of Bitcoin developers and Bitcoin companies over alleged infringement of copyright over the Bitcoin whitepaper and Bitcoin database.

The lawsuit is one of a string Wright has underway aimed at legally enforcing his claims to be Satoshi Nakamoto through courts, and force the crypto world to adopt BSV as the real Bitcoin. The claim failed because Wright wasn’t able to provide any evidence to back up his claims, even though evidence was not assessed at this stage.

Crypto Bids Farewell to Localbitcoins 

After introducing hundreds of thousands of people to Bitcoin during its ten years of sterling service, the old warhorse Localbitcoins finally went for a one way trip to the knackers yard this week. Citing the harsh crypto winter plus “various challenges”, such as crippling regulations, the famed peer-to-peer exchange shut up shop on Thursday, leaving many to say a find farewell and remember the good old days…when you would meet a stranger in a coffee shop and hope you wouldn’t get jumped the moment you left.

Good times.