UK Judge Orders Craig Wright to Pay $516K to Continue with Legal Case Against Kraken and Coinbase

In the recent order, the Judge presiding over Craig Wright's suit against Coinbase and Kraken at the England and Wales High Court doubted Wright's capability to cover his legal bills. Judge Mellor, therefore, ordered the complainant to pay the touted sum before proceeding with the case.

The latest court ruling is out for Craig Wright, who claims he is Bitcoin's pseudonymous creator, Satoshi Nakamoto, and owns intellectual property rights on various crypto assets, to the spotlight.

In the ongoing lawsuit against two leading crypto exchanges, UK Judge James Mellor ordered Wright to pay 400,000 ($516,000) as legal expenses.

Craig Wright To Pursue The Lawsuit Against Coinbase And Kraken, But On One Condition

Judge Mellor's ruling highlighted his disbelief of the Australian scientist's claims regarding his financial status. Wright had made bullish remarks during one of the court proceedings, claiming he was financially untouchable. But the Judge remained skeptical despite the evidence provided.

Judge Mellor stated that the evidence wasn't enough to convince him that Wright, against Coinbase or his investment firm had sufficient liquid assets to handle the potentially substantial legal fees. The Judge also pointed out that he would strike out the action in a few weeks if proper security still needed to be established.

It is worth stating that Wright had earlier claimed to be Nakamoto Satoshi, Bitcoin's White Paper author and lead developer of the world's largest crypto asset. He further claims to have ownership of the crypto asset's fundamental concepts.

In 2022, Wright filed a suit against US-based crypto exchanges Coinbase and Kraken, accusing them of copyright infringement. He claims the tier-1 exchanges violated his intellectual property rights by using the word Bitcoin."

Sentiments Are Pessimistic

In addition to the doubts concerning the purported Nakamoto's financial position, Judge Mellor cited statements by Wright where he brags about being untouchable" financially by using a trust to move assets.

According to the Judge, the evidence presented needed to be clearer, given the nature of the claimant's purported businesses and the degree of his UK residence.

Already, Wright has earned the reputation of being a controversial figure in the crypto industry. He has sued individuals who call him a fake and oppose claims that he is Bitcoin's owner, Satoshi Nakamoto.

He had earlier sued a prominent pseudonymous Bitcoin proponent, popularly known by the pseudonym Hlodonaut, for calling him a scammer" and fraud" on social media.

Moreover, Hlodonaut won the case in October 2022, when the Norwegian court ruled that he had sufficient facts to allege that Wright had cheated and lied in his attempt to prove his identity as Satoshi Nakamoto.

While the Judge, Helen Engebrigtsen, found Hlodonaut's proofs worthy, she found Wright false and ordered him to pay Hlodonaut $383,000 (NOK 4,053,750).

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