• UK Judge James Mellor has ordered Craig Wright to pay approximately $516,000 in security covering legal costs to proceed with claims against crypto exchanges Coinbase and Kraken.
• The lawsuit is for several hundred billion pounds in damages, claiming that only he has the right to use the Bitcoin brand.
• Judge Mellor issued the ruling due to doubt about Wright’s ability to cover his legal expenses based on “inconsistent” statements regarding his financial standing.
Craig Wright Ordered by UK Judge to Pay $516K
UK Judge James Mellor has ordered Craig Wright, self-proclaimed Bitcoin creator, to pay approximately $516,000 (400,000 British pounds) in security covering legal costs for a lawsuit against Coinbase and Kraken’s parent company Payward. The lawsuit is for several hundred billion pounds in damages, claiming that only he has the right to use the Bitcoin brand.
Judge Questions Craig Wright’s Financial Standing
The judge raised concerns about Craig Wright’s “inconsistent” statements on his financial standing from US court proceedings involving former business partner Ira Kleiman. Despite evidence presented, the judge remained unconvinced of Wright’s capacity to afford the legal costs. This led him to issue an order requiring payment of $516K as security for his legal expenses.
Evidence Provided an „Obscure Picture“
Judge Mellor stated that the evidence provided an “obscure picture” about which individuals or entities owned which Bitcoin assets Wright had easy access too. He added that he was not satisfied by the evidence from the Cs filed in support of Mr W’s case and found it necessary for him to provide sufficient security before proceeding with claims against Coinbase and Kraken.
Wright Seeks Several Hundred Billion Pounds In Damages
Wright seeks several hundred billion pounds in damages from Coinbase and Kraken for allegedly infringing on his rights over Bitcoin branding. Accordingly, UK High Court has now placed a requirement of paying 400k British Pound as security before proceeding with these claims.
In conclusion, judging from Craig Wrights statements regarding his financial standing during US court proceedings involving former business partner Ira Kleiman, UK High Court judge James Mellon expressed skepticism about his ability to cover his legal expenses leading him order a payment of 400k British Pound as security before proceeding with this lawsuit against Coinbase and Kraken seeking several hundred billion pounds in damages over 0Bitcoin branding rights infringement allegations .