Bitcoin SV Wipes Yearly Gains After UK Freezes Craig Wright’s Assets

Bitcoin SV, Bitcoin SV Wipes Yearly Gains After UK Freezes Craig Wright’s Assets
Bitcoin SV Wipes Yearly Gains

YEREVAN (CoinChapter.com) — The United Kingdom High Court has issued a Worldwide Freezing Order (WFO) against Dr. Craig Wright. This order prevents him from moving his assets until he pays £1.548 million ($1.9 million) in legal fees to Peter McCormack. Wright, who claims to be Bitcoin’s founder, faced this legal action after presenting false evidence in a defamation case.

The first page of the World Freezing Order against Craig Wright. Source: United Kingdom National Archives
The first page of the World Freezing Order against Craig Wright. Source: United Kingdom National Archives

Craig Wright Sues Peter McCormack for Defamation, Awarded Nominal Damages

In 2022, Craig Wright sued Peter McCormack, a crypto podcast host, for defamation. Wright accused McCormack of defaming him in social media posts and YouTube videos. McCormack claimed Wright was falsely identifying himself as Satoshi Nakamoto, the creator of Bitcoin.

The court ruled that McCormack’s statements did damage Wright’s reputation. However, Wright was awarded only £1 in nominal damages due to presenting false evidence.

Judge Condemns Defamation Case as Dishonest Campaign

Justice Mellor, who oversaw the case, stated,

“The Defamation Claim was part of the mendacious overall campaign by Dr. Wright and his backers to establish Dr. Wright as Satoshi Nakamoto.”

The judge noted that Wright’s actions aimed to gain access to a large amount of Bitcoin, worth billions, attributed to Satoshi Nakamoto.

 Craig Wright’s Legal Expenses and Defamation Case Analysis

Source: United Kingdom High Court Judgment on Craig Wright vs. Peter McCormack
Craig Wright’s Legal Expenses and Defamation Case Analysis. Source: United Kingdom High Court Judgment on Craig Wright vs. Peter McCormack

The judge ruled that the defamation case should not have been “threatened, commenced, or pursued” because it was based on lies and supported by forged documents.

 Judge Declares Craig Wright Not Bitcoin Creator

Source: BitMEX Research
Judge Declares Craig Wright Not Bitcoin Creator. Source: BitMEX Research

Court Orders Wright to Pay $1.9 Million and Freezes Assets

The court ordered Wright to pay £1.548 million ($1.9 million) to McCormack to cover his legal fees. Justice Mellor emphasized that it was crucial for litigants like McCormack to recover the costs of defending against such claims.

“The law would be in a sorry and sad state if a litigant in McCormack’s position could not recover the costs of fighting that type of litigation,”

he noted.

The court also issued a Worldwide Freezing Order against Wright. This order prevents him from moving his assets, addressing concerns about his history of defaulting on payment orders.

Following the court’s decision, Bitcoin SV (BSV), closely associated with Craig Wright, saw its yearly gains wiped out. The cryptocurrency’s value dropped significantly as investors reacted to the news.

In October 2023, the price of Bitcoin SV was relatively stable, hovering around $40. Early in January 2024, the price spiked, reaching over $120 at its peak. However, this surge was short-lived, as the price began to decline steadily. By July 2024, Bitcoin SV had returned to its previous levels, around $40. This significant drop highlights the volatility and the impact of legal issues on the cryptocurrency’s market performance.

 Bitcoin SV Yearly Performance Drop

Source: CoinMarketCap
Bitcoin SV Yearly Performance Drop. Source: CoinMarketCap

Bitcoin SV’s All-Time Price History: Peaks and Declines

The all-time performance of Bitcoin SV shows a more detailed history of its price movements. On December 1, 2018, Bitcoin SV opened at $95.11, reached a high of $134.59, and closed at $84.96. Since then, the price has experienced significant fluctuations. At one point, the price peaked over $400, but has since declined. As of the latest data, Bitcoin SV is trading around $34.90. This long-term performance indicates a general downward trend with periods of high volatility.

Bitcoin SV, Bitcoin SV Wipes Yearly Gains After UK Freezes Craig Wright’s Assets
Bitcoin SV All-Time Performance. Source: CoinMarketCap

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