LUCKNOW (CoinChapter.com) — A UK judge has frozen $7.6 million worth of assets belonging to Craig ‘Faketoshi’ Wright. This move comes after Wright’s recent legal defeat in a case in which he claimed to be the pseudonymous creator of Bitcoin, Satoshi Nakamoto.
The judge, James Mellor, has granted a Worldwide Freezing Order (WFO) on $7.6 million of Craig Wright’s assets. This decision was prompted by concerns over the potential avoidance of paying the substantial costs associated with the trial. The estimated total expenses incurred during the legal proceedings exceed $8.45 million.
Judge’s Verdict: Craig Wright’s Claim to Bitcoin Creatorship Shattered
Craig Wright’s claims of being Satoshi Nakamoto first surfaced in 2016. For years, these assertions remained unproven and heavily contested. It led to numerous legal battles as Wright attempted to establish authorship of Bitcoin and copyright its whitepaper.
Earlier this month, Mellor delivered a landmark ruling, concluding that Craig Wright is not the creator of Bitcoin. The trial between Wright and the Crypto Open Patent Alliance (COPA) presented “overwhelming evidence” that effectively debunked Wright’s claims.
In a resounding statement, Judge Mellor declared that “COPA had established that Dr Wright was not Satoshi Nakamoto and had not been the creator of Bitcoin.”
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COPA, a non-profit organization backed by Jack Dorsey, was established to keep cryptocurrency technology free from patents.
On March 14, Wright lost the high-profile case against COPA. The court documents reveal that the asset freeze is a precautionary measure, citing Wright’s “history of default in relation to orders for the payment of money.”
The recent ruling aims to prevent Wright from evading the payment of court costs incurred during his nearly two-month legal battle with the Crypto Open Patent Alliance (COPA).
The final judgment officially stating these claims as false has yet to be finalized and published.
Concerns Over Payment and Asset Preservation
Despite the trial’s conclusion, concerns arose regarding Wright’s intentions to pay the substantial costs incurred during the legal proceedings.
On March 18, just days after the trial ended, Wright filed a form with Companies House, notifying them of the transfer of his shares in his company RCJBR Holding to DeMorgan PTE, a company organized under the laws of Singapore.
This move raised alarm bells for COPA, who believed Wright might be attempting to offshore his assets.
In his statement, Mellor said:
Understandably, that gave rise to serious concerns on COPA’s part that Dr Wright was implementing measures to seek to evade the costs consequences of his loss at trial.
Additionally, Judge Mellor considered Wright’s history of defaulting on payment orders and his track record of dishonesty, stating:
COPA has a very powerful claim to be awarded a very substantial sum in costs (…) I consider there is a very real risk of dissipation.
The judge plans to finalize his written judgment on the case. Subsequently, he will hold a hearing to determine the amount of legal costs that Wright will have to pay.
At the time of this writing, the Bitcoin price is $69,435.81, with a trading volume of $25,433,465,800. However, it has experienced a slight decline of 1.16% during this same period.
Bitcoin’s market capitalization currently sits at $1,365,805,391,623.
