Judge Claims Peter McCormack Should Pay $1.1M in Costs to Craig Wright

UTC by Bhushan Akolkar · 2 min read
Judge Claims Peter McCormack Should Pay $1.1M in Costs to Craig Wright
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The judgment claims that Peter McCormack couldn’t prove his claims that Craig Wright was a liar and will have to pay a heavy fine of $1.1 million.

On Wednesday, December 21, UK High Court Judge Martin Chamberlain ruled that Bitcoin Peter McCormack owes $1.1 million in costs to Craig Wright, the self-acclaimed Bitcoin inventor Satoshi Nakamoto.

These costs ruled in Wright’s favor related to an earlier judgment from October 2021, noting that McCormack couldn’t prove his charges against Wright that he was a fraud. As a result, Wright argued that Peter McCormack should pay the majority of the costs for legal proceedings. However, Wright has ultimately agreed to the settlement of around 900,000 British pounds (US$1.1 million) in this legal battle.

The legal battle between McCormack and Wright started back in 2019 and was also broadcasted on YouTube. During the conversation, McCormack called Wright a liar and a fraud adding that he wasn’t Satoshi.

Wright stated that Peter’s comments caused his financial damage since he wasn’t invited to speak at different events and conferences. However, in August this year, the judge said that Wright has advanced false evidence in his claims. As a result, they awarded him only nominal damages. In the final judgment, Judge Martin Chamberlain refused Wright’s permission to appeal to this decision.

Additionally, the judge also didn’t grant Wright’s request for an injunction against Peter McCormack repeating these claims. Craig Wright has been in multiple disputes over his claims that he is the inventor of Bitcoin aka the identity behind the pseudonymous Satoshi Nakamoto. Nakamoto published the Bitcoin paperback in 2008 and released the first version of the software the following year.

Peter McCormack Shares His Opinion about the Case with Wright

Just as the judgment arrived on Wednesday, Peter McCormack shared his opinion on the matter. He said that although it’s not a very good judgment for Craig Wright, it has been a very expensive one for him. McCormack added:

“Firstly, and the most important part to me, we were unable to overturn the cost orders issued, subject to evaluation by a cost judge, I owe up to £900k to his defence. The stress of the last four years can’t be understated, it has had a significant impact upon me and my family. With the other various lawsuits I hope this judgement is helpful with those cases”.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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