Craig Wright Loses Appeal in Peter McCormack Libel Case

• Craig Wright, the self-proclaimed Satoshi Nakamoto, lost an appeal in a UK court against bitcoiner Peter McCormack.
• The libel case had moved to the Appeals Court after a trial judge had dismissed with $1 in damages, Wright’s claims that McCormack had damaged his reputation.
• UK judge James Mellor ordered that Wright has to deposit 400,000 British pounds ($516,000) with the court to be filed as security for legal costs.

Craig Wright Loses Appeal in Libel Case Against Bitcoiner

Craig Wright has maintained he’s the creator of Bitcoin. UK’s Court of Appeal has recently dismissed his appeal over judgement given by the trial judge in a libel case against Peter McCormack. The libel case referenced various tweets from 2019 in which McCormack called Wright a fraud. Three appeals court judges ultimately dismissed Wright’s claims and noted that the trial judge was right in reducing compensation after it was found that he had exaggerated his claims.

Wright Facing Contempt of Court Proceedings

Wright’s legal battles related to Bitcoin and its creator Satoshi Nakamoto also includes one with the estate of former colleague Dave Kleiman where he currently faces potential contempt of court proceedings due to failure to disclose information needed for a $143 million crypto ownership tussle with the Kleiman estate.

UK Judge Orders Deposition of Legal Costs Security

On Tuesday, UK judge James Mellor ordered that Wright has to deposit 400,000 British pounds ($516,000) with the court to be filed as security for legal costs or risk having cases dismissed within weeks.

Reactions From Both Parties Involved
Commenting on the case, McCormack said: “In the Court of appeal – Dr Wright has LOST his appeal and it has been dismissed.“ Peter continued by stating that “the judges agreed with decision of Justice Chamberlain to reduce his damages to £1 for putting forward „deliberately false“ evidence on serious harm“.

Conclusion
The ruling from this recent appeal serves as another blow for Craig Wright’s legal battle involving cryptocurrency exchanges Coinbase and Binance . Despite maintaining he is Bitcoin’s creator , Craig continues to face legal challenges surrounding Satoshi Nakamoto’s identity