A computer scientist and self-proclaimed Bitcoin (BTC) creator named Craig Wright has heaped a huge criticism on Ripple and its community, calling them a pyramid scheme and a “cultist army,” respectively. Apparently, Craig Wright has been having beef with Ripple developers and its community for a while which led to the name-calling.
In a Twitter thread, Wright accused Ripple and its developers of creating a pyramid scheme that would keep many people in a wild goose chase. The accusation was also extended to the Ripple community after he called them a “Cultist Army ” because of the way they have been following Ripple’s latest lawsuit.
“There is a reason why the XRP cultist army is following the Tulip Trading case so closely. They completely understand that this will end the pyramid scheme that is Ripple and XRP,” Craig Wright said in the tweet.
Craig Wright’s Bitcoin exploits and self-acclamations are well-known in the crypto industry. Recently, his crypto firm Tulips Trading was involved in an escalation that led to a court case against Ripple developers. Craig Wright accused Ripple developers of having ‘fiduciary duties’ and ‘duties in tort’ that will prevent him from accessing 111,000 Bitcoin, which reportedly belongs to him.
In his thread on Twitter, Craig Wright also included several other crypto firms in his accusation, saying they are just there to defraud people of their money.
“The Ripple group is not even as hidden as the BTC Core partnership and Association that tries to deceptively pretend that it’s not an organization. This Court finding will apply not only to BTC but to all digital cash systems and will ripple through the financial markets globally,” Craig Wright alleged.
He added more description to his accusation, saying,” It’s not about software. It is about setting rules. When bitcoin was created, it was set with rules that were inviolable and not to be changed. BTC created a different system passed off as bitcoin. Like Ethereum, the rules and BTC change frequently.
Ripple a “bad joke,” says Craig Wright
After his open accusation against Ripple and its developers, Craig Wright called the cryptocurrency a bad joke. He also mentioned that cryptocurrency was created to deceive the public and defraud them of their money. Even before 2023 started, Craig Wright had been having a serious beef with the Ripple community and its developers. He has had several altercations with some Ripple community and has exchanged words with many of them.
Craig Wright openly termed the crypto a “useless pump and dump scheme.” Ripple price has been dwindling due to the numerous issues and accusations it has been experiencing recently. Ripple price touched some notable bearish trends during the fourth quarter of 2022. However, since the year started, it has seen a little turnaround in its price, although it has been down by more than 3% in the past 24 hours.
Apart from the case Ripple is having with Craig Wright, they are also facing an A-list lawsuit against the Securities and Exchange Commission. There are missed reactions to the SEC case as many people are in support of Ripple developers while others, including SEC, consider the crypto firm as a Ponzi scheme.