- The High Court of England and Wales has approved Craig Wright’s appeal in the case against Coinbase and Kraken. But first the latter must prove the ability to cover the costs.
- Chairman James Mellor said he wasn’t sure about it. The plaintiff had previously submitted “ambiguous” evidence that cast doubt on whether he had the sum in question.
The High Court of England and Wales has ruled that self-proclaimed bitcoin creator Craig Wright must pay costs of £400,000 ($516,000), CoinDesk reported, citing case files.
Chairman James Mellor said he doubted the plaintiff’s financial capacity. He referred to Wright’s previous inconsistent testimony, noting that he had not provided proof that he had such funds.
“I found the argument unconvincing. Appellant has not provided information that would demonstrate that he or his investment company has liquid assets to cover significant potential costs,” the judge emphasized.
Wright has a week to convince the court otherwise. Otherwise, the case against Coinbase and Kraken will be dismissed.
A Kraken spokesperson called the decision a “significant victory” in comments to the publication. He also noted that bitcoin is not anyone’s property.
Remember, the self-proclaimed creator of bitcoin filed the lawsuit in May 2022. He accused exchanges of willfully defrauding traders for profit.
In court, he asked for a complete ban on the promotion of BTC through trading platforms, as well as the recovery of $500 billion in compensation.
In February 2023, the court said Wright failed to provide documentation of the copyright of the bitcoin white paper. Based on this, he was denied relief.
On July 24, 2023, the court approved Wright’s appeal in this case. Notably, the trial has been overseen all along by Judge Mellor, who has repeatedly criticized the defense for unconvincing arguments.
If the self-proclaimed bitcoin creator can prove his financial stability, the next hearing in the case will be held in January 2024.