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The alleged father of Bitcoin loses a major legal battle

Thu 27 Jul 2023 ▪ 3 min of reading ▪ by Evans S.
Getting informed Event

Wright, the man who has long claimed to be the inventor of Bitcoin, has just lost a crucial legal battle. The verdict sheds light on the grey areas of his alleged invention. Elevated to the status of a myth, Wright suffered defeat at the hands of Peter McCormack. In 2019, McCormack had challenged his legitimacy as Bitcoin’s inventor in a series of fiery tweets.

A man in a suit hiding his face with a bitcoin

A legal victory for McCormack

While the investigation continues in the UK, the British court has taken a decisive step. It rejected an appeal by Wright, who had accused McCormack of defamation. These corrosive tweets, in which McCormack called Wright a fraud, were considered defamatory by the court.

However, despite an initial decision in Wright’s favor, his behavior during the trial changed all that. Indeed, his attitude tipped the scales in McCormack’s favor, reducing the damages to a symbolic pound.

Failure for Wright: appeal rejected, damages reduced to £1 following ‘deliberately false’ evidence

The UK Court of Appeal took a stand on the case. It upheld the judgment, arguing that Wright had failed to provide sufficient evidence to support his accusations. Like a coin falling from the virtual cryptocurrency sky, the decision sounded like a thunderclap, reducing Wright’s claims to nothing.

Craig Wright: Potential consequences for further litigation

This decision could bounce off other pending cases like a bullet off a wall. Craig Wright, mired in a web of legal cases surrounding his alleged identity as Satoshi Nakamoto, could see this ruling influence other decisions. In particular, the one against Magnus Granath, known as hodlonaut.

In the current context, Wright is forced to post $516,000 bail to pursue his case against crypto exchanges Coinbase and Kraken. In this already tense atmosphere, the verdict of British judge James Mellor has added an extra dimension. Indeed, the decision has placed additional pressure on Wright’s shoulders. With inconsistent statements about his financial situation, the shadow of the imminent dismissal of the case hangs over his head.

Wright’s struggle to prove his identity as the father of Bitcoin seems to be crumbling like a house of cards. By shaking the foundations of his claims, this legal decision could mark a turning point in the saga of Bitcoin’s alleged inventor. Like a detective novel, the story continues to unfold, and the future holds more unexpected twists and turns in this quest for the truth. Who really is the father of Bitcoin? The question remains unanswered, but like an intrepid orphan, Bitcoin manages to blaze its own trail on the Telegram scene.

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Evans S. avatar
Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.