Tether Announces Support for McCormack against Craig Wright Libel Suit

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by Tolu Ajiboye · 3 min read
Tether Announces Support for McCormack against Craig Wright Libel Suit
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Tether has announced that it will fully support Peter McCormack in defending a libel suit brought by self-proclaimed Satoshi, Craig Wright.

By pretty much any standard, Craig Wright easily became the most controversial person in crypto over the years. For a long time now, Wright has been at the center of a suit brought against him by the Kleiman estate, representing Dave Kleiman, Wright’s former business partner.

Wright has also proclaimed himself as the real Satoshi Nakamoto, creator of Bitcoin, and has even gone ahead to bring legal action against people who have refuted this claim. A few months ago and in his usual fashion, Wright brought a libel lawsuit against popular podcaster Peter McCormack for refuting the former’s claim, and has demanded $140,000.

Now, the Tether company – equally as controversial as Wright – has announced that it will throw all of its support behind McCormack, against Wright.

In a tweet posted on Friday, Tether general counsel Stuart Hoegner has said that the company will fully stand behind McCormack in what it considers a “frivolous and vexatious litigation.” According to Hoegner:

“Craig Wright’s claims to be Satoshi Nakamoto have been rejected by many. Tether also rejects them. Wright has had myriad opportunities to prove that he is Satoshi and has not definitely done so.”

Hoegner further adds that regardless of how uncomfortable the case becomes, Tether is in it for the long-haul.

“Litigation can be drawn-out and expensive, but we are committed to the long game. We admire Peter’s conviction and are humbled to support his defense against what we see as frivolous and vexatious litigation,” stated he.

McCormack was initially served back in April when McCormack refuted Wright’s usual Nakamoto claims and repeatedly called him “Faketoshi” on Twitter. Furthermore, Wright uploaded a paper to the Social Science Research Network (SSRN), which he claimed to have been written back in 2007 before Bitcoin or its whitepaper was released. However, McCormack found that the document’s metadata showed August 2019.

McCormack has since taunted Wright in a tweet saying:

“I’ve totaled up all my stuff – house, car, Bitcoin, clothes, Metallica records. I reckon I can pull together £250k. I’ll give you all that. You incur no legal fees. I will bow at the CSW (Craig Steven Wright) alter if you send me $1 of Bitcoin from the Genesis block.”

Tether has now joined an already long list of crypto community members, who have had enough of Wright and all his moves. Back when McCormack was served, many in the community pledged their support and promised to donate several amounts, to help support McCormack. Even Binance CEO Changpeng Zhao, suggested a charity program to raise funds to the cause.

Craig’s long-running case with the Kleiman estate also took a new turn recently, after Wright declared that he would not be financially capable of paying the settlement put out against him. Wright was required to give up half of all Bitcoins mined as well as intellectual property dated before 2014 and initially did seem cooperative enough. However, a recent filing revealed that Wright had no way to pay, and seemed to reopen a case that was already slowly reaching some resolution.

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Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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