Prof. Craig Wright had been convicted in the matter of falsely claiming to be the original creator of digital currency namely Bitcoin. However, his claim was finally rejected by the courts in the UK after a long debate and trial period. Now the professor is facing the legal consequences stemming from his claim to pose as Satoshi Nakamoto.
McCormack Spends $2 Million to Fight Defamation Lawsuit
According to the latest report, a UK court has issued the order to freeze his assets. As per the details, the order has been issued in order to cover the cost for Podcaster Peter McCormack who suffered from a $2 million loss in order to deal with a defamation lawsuit filed by Prof. Craig Wright.
The UK courts have frozen the assets of the false claimant of Bitcoin. His frozen assets are going to cover the costs for podcaster and businessman McCormack. Wright hit him with a libel claim in 2019 this lawsuit costed him 1.5 million pounds or $1.9 million in the form of legal fees. However, McCormack has not spoken with the media on this matter yet.
Wright’s Defamation Lawsuit Against McCormack
The article also covered the details of the lawsuit brought by Wright against McCormack. The lawsuit made note of the comments that McCormack posted on Twitter against Wright. The lawyers also mentioned a YouTube video made and uploaded by McCormack in which he alleged that the computer scientist and businessperson was not the real Satoshi Nakamoto.
After the publication of these statements, Wright filed a lawsuit against McCormack. He was suing the podcast host for defamation. At the same time, Wright was also fighting the legal battle to prove that he was Bitcoin’s real inventor.
He made the claims in 2016 and sued 13 Bitcoin developers based on these claims. He works as a professor of Computer Science in Australia and maintained the claim that the core developers working on Bitcoin violated copyright laws by engaging with Bitcoin by citing the Bitcoin whitepaper.
Wright also retained a claim over some of the decentralized features of the Bitcoin network and database. Wright’s lawsuit included several defendants hailing from The Crypto Open Patent Alliance (COPA).
However, the defendant facilitated the court with 50 evidences to prove that Wright was not the real Bitcoin creator. The defense lawyer argued in the court that Wright worked on fabricating a biographical persona and used forged documents to prove that he was the real Bitcoin inventor.
Craig Wright Fails to Prove Him as a Creator of Bitcoin
The court working on the Wright lawsuit examined the evidence provided by COPA and finally dismissed the claims from the Australian professor that he is the real inventor of Bitcoin. This ruling also concluded the intellectual property lawsuit that would make a lot of difference for the entire Bitcoin ecosystem if the outcome was different.
Judge James Mellor also included remarks on the court’s decision. The remarks noticed that Wright’s claim of being the real Bitcoin inventor had no basis in truth and lacked any solid legal foundations. This ruling also created the precedent for McCormack’s defamation lawsuit to be reversed and strengthened his right to demand legal compensation.
Another report quotes remarks from McCormack noting that he had a strange relationship with Twitter and claimed that the social media application brings out the worst in people.
He has worked hard to build half a million followership on the social media platform as a way to promote his podcast. However, he maintained that Twitter was not wholly net positive because it has the potential to promote stupid ideas and included himself in the grouping.
He further stated that he felt responsible for starting social media arguments while criticizing other people for it. Some of the biggest names in finance he hosted on his podcast are Michael Saylor, Cathie Wood, and Lyn Alden who increased his monthly listener base to 1 million.
