Craig Wright’s libel lawsuit could cost Peter McCormack up to £750,000

Craig Wright’s libel lawsuit could cost Peter McCormack up to £750,000

Peter McCormack, the host of the “What Bitcoin Did” podcast, revealed details about the lawsuit Craig Wright had filed against him in April. In a lengthy Twitter thread, McCormack explained the horrific legal ordeal he will have to suffer through to defend himself from Wright’s accusations.

McCormack explains his options in the Wright libel case

Peter McCormack, a prominent figure in the crypto industry and host of the “What Bitcoin Did” podcast, shared the most recent developments in the libel lawsuit Craig Wright filed against him.

Earlier this year, McCormack challenged Wright’s claim that he was the one who developed Bitcoin under the pseudonym, Satoshi Nakamoto. The controversial entrepreneur filed a claim in a United Kingdom court on April 17, accusing McCormack of libel. In the official court report, Wright noted that he believes the attacks against him were actually meant to hurt Bitcoin SV, a notion disputed by McCormack several times.

Bitcoin podcaster Peter McCormack offers Craig Wright £100,000 to prove he’s Satoshi
Related: Bitcoin podcaster Peter McCormack offers Craig Wright £100,000 to prove he’s Satoshi

After a few uneventful weeks, McCormack finally shared an update on his legal case with Wright, saying that he had until Friday, May 31, to make a decision on what to do.

The first thing McCormack will have to decide on is representation—he can choose between representing himself, hiring a legal counsel to represent him, seek mediation, or not contest the claim. Choosing lawyers to defend him against Wright’s £100,000 claim could cost McCormack anywhere from £25,000 to £50,000.

If the libel case was to go to full trial, these expenses could increase fifteen-fold and amount to £750,000. Should McCormack lose the case, these expenses could double as he’d be obliged to pay Wright’s legal fees as well.

McCormack’s legal woes draw incredible support from the crypto community

The podcaster also noted that not contesting Wright’s claim was an option he was considering as it will prevent Wright from taking him to court. However, the option would cost at least £100,000.

While many of his Twitter followers suggested reaching a compromise with Wright, McCormack explained that it was highly unlikely one could be reached.

Out of all the options, McCormack said that representing himself wasn’t too bad of a choice. He said that some lawyers argued that not having legal counsel could work in his favor, but could take up a lot of time.

There was no sugarcoating the situation from McCormack, either—he was clear that any decision he’d make will be a tough one.

Fortunately, an incredible number of people came out to support McCormack in his fight against Wright, with hundreds of Twitter users saying they would donate to help cover his legal expenses. Dozens of Twitter users also reached out to Changpeng Zhao, the CEO of Binance.

Zhao was one of many high-profile figures in the crypto industry that publicly criticized Wright, and has even gone as far as to delist Bitcoin SV from his exchange and offer to help McCormack pay for his legal fees.

However, it seems McCormack is reluctant to accept outside assistance:

Filed Under: People of Blockchain
Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

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