UK Judge Rules Craig Wright Must Pay $516K to Proceed with Lawsuit Against Coinbase, Kraken

Craig Wright is not someone to stay out of the spotlight for a long time. In the latest development, 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 against Coinbase and Kraken’s parent company Payward was brought by Wright last May for several hundred billion pounds in damages, claiming that only he has the right to use the Bitcoin brand.

UK Order

In a judgment issued on Tuesday, James Mellor, a judge presiding over the England and Wales High Court, expressed skepticism about Wright’s ability to cover his legal expenses. This doubt arose from statements provided by the Australian scientist regarding his financial status to the US court proceedings involving former business partner Ira Kleiman.

Mellor revisited Wright’s previous assertions of being financially “untouchable.” Despite the evidence presented, the judge remains unconvinced of Wright’s capacity to afford the legal costs. The judge added that the evidence presented an “obscure picture” about which individuals or entities owned which Bitcoin assets Wright had easy access.

“I was not satisfied by the evidence from the Cs filed in support of the contention that C2 was resident in the UK or that (assuming such residence) it has any degree of permanence. The nature of whatever business C2 has conducted or does conduct was also obscure.”

In addition to ordering Wright’s company to compensate for the security deposits, Mellor also said the infringement lawsuits against the two crypto giants should stay pending for the time being.

According to the judge, the fate of the case will hinge on the verdict of – Crypto Open Patent Alliance v Craig Steven Wright – which is expected to determine whether or not Wright is truly Satoshi Nakamoto. If Wright fails to prove himself true in the identity case, it’s highly unlikely that the trademark case would stand a chance.

Wright’s Legal Affairs

Earning the position as a controversial figure in the crypto industry, Wright has launched several lawsuits against those who called him a liar opposing claims of being Satoshi Nakamoto.

Wright slapped a similar lawsuit against a Bitcoin proponent pseudonymously known as Hodlonaut for calling him a “fraud” and “scammer” on social media. Hodlonaut, however, won the lawsuit last October. The Norwegian court ruled that Hodlonaut had “sufficient factual grounds to claim that Wright had lied and cheated in his attempt to prove that he is Satoshi Nakamoto.”