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Legal Battle Heats Up Between Craig Wright and COPA
Computer scientist Craig Wright is facing a significant setback in the ongoing legal battle with COPA, a group of Bitcoin developers backed by Twitter co-founder Jack Dorsey. A UK court recently ruled that Wright is not the creator of Bitcoin, leading to a freezing order on a substantial portion of his assets. The judge, James Mellor, issued a “worldwide freezing order” to secure approximately 6 million GBP (about $7.4 million) of Wright’s assets, aimed at covering COPA’s legal fees and preventing Wright from dissipating his assets.
Legal Dispute Background
The legal dispute between COPA and Wright dates back to February and escalated when Mellor determined that Wright was not the individual behind the pseudonym Satoshi Nakamoto or the author of the Bitcoin whitepaper. This ruling came after Wright’s unsuccessful attempt to settle out of court with COPA in January, a proposal that COPA rejected due to concerns over potential loopholes in the settlement offer. COPA has consistently disputed Wright’s claims of being the inventor of Bitcoin, labeling them as false and supported by extensive forgery.
Concerns Over Asset Transfer
The freezing order was expedited by the court after Wright transferred ownership of his shares in RCJBR Holding to DeMorgan PTE, a Singapore-based company, raising suspicions of attempts to evade financial consequences following the trial. Mellor emphasized the gravity of COPA’s claim for a substantial sum in costs but underscored the importance of Wright being given an opportunity to respond before final payment orders are issued. The judge stressed the necessity for Wright to provide a detailed account of all his assets promptly.
Mellor’s decision to issue a global freezing injunction further solidified COPA’s position as the prevailing party in the legal dispute, highlighting the serious allegations of forgery and deceit leveled against Wright by the Bitcoin developers represented by COPA. The legal battle, which has been ongoing since 2021, underscores the complexities and high stakes involved in disputes within the cryptocurrency space.
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