A huge legal defeat has just been experienced by Craig Wright, who asserts to be the elusive Satoshi Nakamoto, the person who created Bitcoin. As he pursued claims against cryptocurrency exchanges Coinbase and Kraken, he was compelled to pay more than $500,000 in legal fees.
Important portions in the court’s decision make damaging claims about Wright’s trustworthiness. The court concluded that Wright had used deceit to strengthen his argument and caused significant injury when he discovered that he had knowingly presented false testimony throughout the trial. Wright had no reason to disagree with the court’s decision in light of this finding.
The cryptosphere has been affected by the court’s ruling that Wright engaged in fraudulent behaviour. One of the creators of the XRP Ledger and the present CTO of Ripple, David Schwartz, commented on the news as well. Without holding back, Schwartz emphasised on X (previously Twitter) that the court has once more determined that Craig Wright intentionally lied under oath to get false financial recompense for a case. Wright was originally described as a cruel and repulsive figure by Schwartz.
Wright’s assertions are supported by his claim to ownership of the “Bitcoin” brand’s goodwill. He argues that the reputation of his alternative cryptocurrency, Bitcoin Satoshi Vision (BSV), is harmed by the trade of Bitcoin (BTC) and Bitcoin Cash (BCH) on Coinbase and Kraken.
Schwartz’s response is representative of the general attitude among bitcoin fans and specialists, who have long regarded Wright’s claims to be Satoshi Nakamoto with scepticism, even giving him the moniker Faketoshi.
