Fearing a Bitcoin fortune flight, UK court freezes Craig Wright’s assets after ruling he’s not Satoshi. What does this mean for the ongoing legal battle?
Judge Freezes Craig Wright’s Assets in Post-Judgment Move
In a surprising turn of events, a UK judge has frozen a significant portion of Craig Wright’s assets following a court ruling that declared him not to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. This move aims to prevent Wright from evading a potential financial judgment in favor of the winning party, a group of Bitcoin developers backed by Twitter co-founder Jack Dorsey.
Securing COPA’s Legal Fees and Preventing Asset Dissipation
The freezing order, valued at roughly $7.4 million, targets enough of Wright’s assets to cover the legal costs incurred by COPA, the developer group, during the lawsuit. The court also cited concerns about Wright potentially “dissipating” his assets to avoid paying any future judgment.
UK court freezes Craig Wright’s assets to ensure he pays his legal fees pic.twitter.com/MJ0R0fLW5F
— CryptoSavingExpert ® (@CryptoSavingExp) March 30, 2024
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Wright’s Rejected Settlement Offer and Hasty Asset Transfer
Prior to the trial, Wright attempted to settle with COPA to avoid mounting legal fees. However, COPA refused. Additionally, the judge noted that Wright’s decision to transfer ownership of his company shares to a Singapore-based entity just before the ruling heightened concerns about his potential to move assets offshore and evade financial responsibility.
COPA’s Claim and Wright’s Right to Respond
The judge acknowledged COPA’s strong case for recovering substantial legal fees but emphasized that Wright deserved an opportunity to respond before finalizing any payment orders.
Worldwide Freeze and Demand for Asset Accounting
The judge issued a “worldwide freezing order” to ensure Wright cannot move assets out of reach. Additionally, the court reiterated its demand for a complete accounting of Wright’s assets from Wright himself.
COPA’s Long-Standing Dispute with Wright
COPA has been locked in a legal battle with Wright since 2021, continuously refuting his claims of being Satoshi Nakamoto. They have characterized these claims as “a brazen lie” backed by fabricated evidence.
Unresolved Legal Battle and Potential Appeal
With Wright’s assets frozen, the legal battle is far from over. Wright’s potential appeal and the finalization of the financial judgment remain unresolved issues to be addressed in the coming stages of this ongoing legal saga.
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