The High Court in the UK has frozen the assets of computer scientist and businessman Craig Wright, primarily to help entrepreneur Peter McCormack recover around £1.5 million in legal fees stemming from a libel case Wright filed against him in 2019.
Let’s Remember the Conflict Between Wright and McCormack
The legal clash between Wright and McCormack began when McCormack made several public statements, including tweets and a YouTube video, accusing Wright of claiming to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Wright, who began claiming to be Nakamoto in 2016, took the accusations seriously and filed legal action against McCormack, claiming defamation.
Controversy over Satoshi Nakamoto Claim
Wright’s claim that he is Nakamoto has been a controversial topic within the cryptocurrency community. In support of his claim, Wright filed a lawsuit against 13 Bitcoin Core developers, claiming that they have violated copyrights related to the Bitcoin whitepaper and certain elements of the Bitcoin protocol.
The Crypto Open Patent Alliance (COPA), which represents several of the defendants in Wright’s lawsuits, presented significant evidence suggesting that Wright fabricated documents to support his claims.
What Does the Court Decision Mean?
After careful consideration of the evidence presented by COPA, including the fraud allegations against Wright, the court concluded that Wright is not Satoshi Nakamoto. This decision by Judge James Mellor eliminated Wright’s narrative that he was the inventor of Bitcoin and provided legal grounds for dismissing the defamation claims against McCormack.
Ultimately, the court ruled that McCormack had not defamed Wright and was entitled to recover his legal fees. The freezing of Wright’s assets was a direct result of this decision. This allows McCormack to recover his legal fees. If I were to comment on Wright’s situation at this stage, he probably didn’t believe the things he said. He is now financially paying the price for his actions. As they say, don’t try to lift a stone that will leave you under it. Wright is under the Satoshi Nakamoto stone.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
