IT expert convicted for repeatedly lying about inventing Bitcoin
3 min read
Craig Wright. (Dan Kitwood/Getty Images)
Craig Wright, the Australian entrepreneur who repeatedly claimed to be Satoshi Nakamoto, the mysterious creator of Bitcoin, has been convicted for continuing to falsely assert ownership of the cryptocurrency. In March, the High Court ruled that Wright was not Satoshi and ordered him to stop making such claims. Despite this ruling, Wright persisted in launching legal cases asserting intellectual property rights to Bitcoin and even sought $1.2 trillion (£911 billion) in compensation. His defiance of the court order led to a sentence of 12 months in prison, suspended for two years. This means that if Wright continues to claim he invented Bitcoin, he could face imprisonment.
Wright’s refusal to comply with the court’s verdict has sparked intense legal and personal consequences. Although he appeared in court via video link, he refused to disclose his location, stating only that he was in Asia. This has raised the possibility that UK authorities would need to issue an international arrest warrant to detain him. The judge in the case, Mr. Justice Mellor, described Wright’s actions as “legal terrorism,” which he said had caused immense distress to those caught up in his crusade. Despite acknowledging that Wright was outside the UK, the judge expressed frustration with the situation, noting that Wright was likely aware of countries that do not have extradition agreements with the UK.
The ongoing saga of Wright’s claim to be Bitcoin’s creator began in 2016 when he first declared himself as Satoshi Nakamoto. The creator of Bitcoin, widely known as Satoshi, is believed to have amassed an incredible fortune, with the digital currency’s increasing value making Nakamoto’s holdings worth over $100 billion. Wright’s assertions suggested that, if true, he would be among the richest individuals in the world. However, his claims were met with skepticism, as Wright failed to provide the concrete evidence necessary to back his story. His repeated declarations were widely dismissed by the cryptocurrency community, which questioned his credibility.
In his attempts to solidify his position as Bitcoin’s creator, Wright launched a series of costly legal battles against those who challenged him. His actions prompted a group of industry players, known as the Crypto Open Patent Alliance (COPA), to take legal action. COPA initiated a high court trial, which resulted in a ruling against Wright. The judge concluded that Wright had “lied extensively” in his efforts to support his false claim. The judge’s ruling reflected the broader industry view that Wright’s behavior was disruptive and damaging to the cryptocurrency sector.
Jonathan Hough, a lawyer for COPA, commented that parts of Wright’s conduct during the trial bordered on absurdity. However, he stressed that the consequences of Wright’s actions were serious and had created a “chilling effect” within the industry. Hough argued that Wright’s false claims had the potential to harm both individuals and companies within the crypto world, casting doubt on the integrity of the industry as a whole.
Wright is one of several individuals who have either claimed to be or have been speculated to be the elusive Satoshi Nakamoto. However, all such claims have been debunked or rejected, meaning the true identity of Bitcoin’s creator remains a mystery. The search for Satoshi continues, with many hoping that the identity of the person or group behind the groundbreaking cryptocurrency will one day be revealed.
Despite the legal setbacks, Wright remains defiant, continuing to assert that he is Satoshi Nakamoto, despite the lack of conclusive evidence. His ongoing legal battles have drawn attention to the broader issues of intellectual property rights in the cryptocurrency space and the ethical implications of falsely claiming ownership of a technological breakthrough as significant as Bitcoin. As Wright’s legal troubles continue, the case serves as a reminder of the complexities and challenges that arise in the ever-evolving world of cryptocurrency.
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