Court freezes Craig Wright’s assets to ensure payment of legal fees Court freezes Craig Wright’s assets to ensure payment of legal fees
The court has frozen £6 million of Craig Wright's assets due to concerns over a "dissipation" of assets.
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Updated: Mar. 29, 2024 at 6:17 pm UTC
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The UK court has ordered a worldwide freeze on £6 million of Craig Wright’s assets, aiming to prevent the computer scientist from transferring funds offshore and evading court-imposed costs, according to a March 28 filing.
This ruling comes in the wake of a court case brought by the Crypto Open Patent Alliance (COPA), where Judge Mellor found earlier in the month that Wright was not, contrary to his claims, the enigmatic Bitcoin creator, Satoshi Nakamoto.
The legal action against Wright sought to challenge his assertions of having authored the seminal Bitcoin white paper and the crypto’s initial software versions.
Dissipation concerns
Wright’s recent move to transfer shares from his RCJBR Holding company to DeMorgan, registered in Singapore, raised COPA’s concerns over potential evasion of the trial’s cost consequences, leading to this significant judicial intervention.
The judgment, disclosed on the Bitcoin Legal Defense Fund’s website, estimates COPA’s incurred costs at approximately £6.7 million.
Judge James Mellor expressed concerns over Wright’s history of non-compliance with monetary orders, highlighting a “very real risk of dissipation” of assets, which underpinned the decision to implement the asset freeze.
Wright’s claims put to rest
Craig Wright, who has been a polarizing figure in the crypto world due to his claim to be Satoshi Nakamoto, has now been proven to have made false claims.
The court found overwhelming evidence against Wright’s claim of being Nakamoto, concluding that he was not the creator of Bitcoin. The ruling marked a crucial moment in the case, spotlighting the authenticity of Wright’s claims and the open-source nature of Bitcoin.
The development marks a critical moment in the ongoing debate over the origins of Bitcoin and the accountability of individuals making significant claims within the tech and crypto communities.
The case, which has attracted widespread attention, highlights the legal complexities surrounding copyright, identity, and the verification of claims in the rapidly evolving blockchain and crypto sectors.
It also sets a precedent in the legal treatment of crypto’s foundational documents. COPA’s victory represents a broader win for the digital assets industry, which advocates for the non-proprietary development of Bitcoin.
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Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Craig Steven Wright, commonly referred to as CSW, is an Australian computer scientist and business professional who has been at the center of controversy within the cryptocurrency community.