• Craig Wright, the self-proclaimed Bitcoin creator, was ordered to pay approximately $516,000 (400,000 British pounds) in security covering legal costs to pursue claims against crypto exchanges Coinbase and Kraken.
• The lawsuit brought by Wright last May for several hundred billion pounds in damages claimed that only he has the right to use the Bitcoin brand.
• A UK judge expressed skepticism about Wright’s ability to cover his legal expenses due to his inconsistent statements on his financial standing.
UK Judge Rules Craig Wright Must Pay $516K
A UK judge has ruled that Craig Wright must pay approximately $516,000 (400,000 British pounds) in security covering legal costs to proceed with a lawsuit against crypto exchanges Coinbase and Kraken’s parent company Payward.
Lawsuit Claiming Right To Use Bitcoin Brand
The lawsuit brought by Wright last May seeks damages of several hundred billion pounds claiming that only he has the right to use the Bitcoin brand.
Judge Expresses Skepticism About Ability To Cover Legal Expenses
James Mellor, a judge presiding over the England and Wales High Court expressed skepticism about Wright’s ability to cover his legal expenses due to statements provided by the Australian scientist regarding his financial status to US court proceedings involving former business partner Ira Kleiman.
“Obscure Picture” Of Individuals Or Entities Owning Assets
Mellor revisited Wright’s previous assertions of being financially “untouchable” and noted that evidence presented an “obscure picture” about which individuals or entities owned which Bitcoin assets that he had easy access too.
Conclusion
Despite all of this evidence presented, the judge remains unconvinced of Wright’s capacity to afford the legal costs associated with his lawsuit against Coinbase and Kraken.