Peter McCormack could be on the hook for £100k+ in CSW libel case

May

Peter McCormack could be on the hook for £100k+ in CSW libel case

#Bitcoin, #Blockchain, #CraigWright, #Crypto, #Cryptocurrency

News

One of our favourite crypto voices, UK podcaster Peter McCormack, is being sued by Craig Wright for calling him a fraud over his Satoshi claims. Peter has a big decision to make before tomorrow about the direction he will take the case.

There are plenty of people who have called Craig Wright a liar, scammer and a fraud. Many have been anonymous, or attempted to remain anonymous – like @hodlonaut, a European who has also been the target of Wright’s legal rage. Others have lived in unfriendly jurisdictions. Peter McCormack, a bitcoin trader, blogger and podcaster, happens to live in the same jurisdiction as Wright: the UK. He’s a publicly-known figure, and he has publicly called out Wright about his claims to be Satoshi. As a result, Wright is suing him in the UK courts for £100k.

McCormack has a critical decision to make before tomorrow. As he writes in a long thread about the case on Twitter:

1/ People have been asking for an update on the legal case with CSW, so here it is. I am being sued for libel and have until Friday at 12.00 to make a decision. The claim is for £100k and includes a number of other requirements.

2/ The options at present are:

– Represent myself

– Represent with legal counsel

– Compromise through mediation

– Do not contest

3/ For full support from an expert lawyer, the cost for the initial defence is estimated at around £25k – £50k. If this goes to a full trial, the worst case to defend would be £500k – £750k. If I lose, it could be double that as I would have to pay CSW’s legal fees (£1.5m).

McCormack continues, explaining some of the issues around the case. It is difficult to prove a negative – that Wright is not Satoshi – and it appears that the UK legal system would not require Wright to prove that he is Satoshi to settle in his favour. Fighting the case will be expensive, and ‘9/ Many have offered money to support the case but I have never wanted to take the money from individuals. This is your Bitcoin and I did not want this to go to lawyers.’ Moreover, he is fighting people with ‘very deep pockets’ who will not hesitate to stoop to intimidation and harassment.

In short, Wright holds most of the best cards, merely because he has more money, thanks to wealthy backers like Calvin Ayre, who has a vested interest in maintaining that Wright is Satoshi. Due to the way the law works, other cases in the US cannot be used in the UK in this instance – even if they show that Wright is not Satoshi, or has lied in court (for example, by providing faked documentation).

This is a classic case of the little guy getting smashed by the big guy, even though he is right and everyone knows it. We hope that Peter will change his mind about crowdfunding his defence. We hope that he will accept the goodwill of the crypto community who want to see Wright taken apart in public and ultimately have this matter settled, once and for all.

This ‘I Am Satoshi’ nonsense has gone on long enough.