Australian computer scientist who is also referred to as the ‘fake Satoshi Nakamoto’, lost a case that he had filed against Peter McCormack in a United Kingdom court in connection with a libel case.
Wright has claimed that McCormack had damaged his reputation in a series of tweets in 2019 where he had called him a ‘fraud’. The libel case that Wright had moved was initially dismissed in an Appeals Court directing McCormack to pay $1 in damages.
The trial judges presiding over the case alleged that Wright’s claims of defamation were ‘exaggerated’. The judge also stated that Wright had put forward “deliberately false” evidence and “multiple legal battles”.
Dismissing the case on July 26, three judges of the Appeals Court stated that the trial judge had “rightly” dismissed Wright’s claims and lowered the compensation as the latter was found to have “exaggerated” his claims.
Wright has also got into legal trouble with one of Nakamoto’s former colleagues Dave Kleiman. Wright also faces possible court contempt proceedings after he failed to provide the required information in a $143 million crypto ownership dispute with Kleiman’s estate.
Another legal blow in cases against crypto exchanges
The ruling comes close at the heels of another legal blow that Wright faced in connection with his case against leading cryptocurrency exchanges Coinbase and Binance. On July 25, UK judge James Mellow directed Wright to pay the court around $516,000 as security for legal expenses. Judge Mellow maintained that Wright risks having the cases junked in a matter of a few weeks.
Citing “trademark infringement” allegations, Wright has sued the crypto exchanges while claiming that the term ‘Bitcoin’ cannot be used by them for tokens like BTC and BCH as they are reportedly different from the original version of the cryptocurrency that he claims has created.
These cryptocurrency exchanges are among the most popular sources of live cryptocurrency prices, cryptocurrency news in India, and cryptocurrency tax in India. They have also been guiding their users on various other crypto-related topics like how to invest in cryptocurrency in India.
According to reports, the Australian computer scientist had failed to persuade the court that he had sufficient funds to pay for the legal costs that he would likely have to incur in his lawsuits against the crypto exchanges. These cases are related to the ongoing Satoshi Nakamoto identity controversy. The dispute is ongoing between Wright and Ira Kleiman – who has claimed that the Bitcoin was mined by his now-deceased brother David.
Rolled out in 2008, Bitcoin is a peer-to-peer decentralized currency that is believed to be the brainchild of a group of people using the pseudonym ‘Satoshi Nakamoto’. As it’s a peer-to-peer digital cryptocurrency, all transactions processed on the network are processed between independent and equal participants without requiring an intermediary for facilitating these transactions. Its native cryptocurrency is called BTC token, which is among the Top 10 cryptocurrencies in the world.
Its most unique advantage is that it was among the first cryptocurrencies to be successful in the world. Its brand equity has enabled the cryptocurrency to maintain its hold over the international crypto market. Sample this: the current market cap of Bitcoin is over $500 billion.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
