Twitter co-founder and CEO of Block Jack Dorsey announced the creation of a fund to protect Bitcoin (BTC) developers in lawsuits.
Thus, 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 propose a coordinated and formalized response to help defend developers,” Dorsey wrote.
Furthermore, the board includes the CEO of Block, co-founder of Chaincode Labs Alex Morcos and scientist Martin White. If necessary, the Fund is ready to consider the option of attracting external financing.
Supporting 16 developers who became defendants in the lawsuit from Craig Wright
Initially, volunteers and part-time lawyers will support the Bitcoin Legal Defense Fund. Moreover, its council will focus on resource allocation.
The first event of the non-profit organization will be the support of 16 developers; who became defendants in the lawsuit from Craig Wright. The self-proclaimed Satoshi Nakamoto demanded to provide access to the Bitcoins allegedly lost through their fault.
In December, Dorsey’s Square payment company changed its name to Block to emphasize its commitment to the blockchain. Previously, the company invested $50 million and $170 million of its own capital in Bitcoin.