Copa’s Case Against Craig Wright
In 2021, Twitter (now X) founder Jack Dorsey’s payment portal Block, Brian Armstrong’s crypto exchange Coinbase, and other key names in the financial tech (FinTech) sector banded together under the banner of the Crypto Open Alliance (Copa) to file a case against Wright in a UK court to have him denied of ownership of the original Bitcoin whitepaper.
According to Copa, the lawsuit seeks to have a “negative declaration” of Wright’s continuous claim as the creator of Bitcoin. This should “conclusively show that Dr. Wright is not Satoshi Nakamoto and will not be able to continue to threaten developers.”
Copa alleged that the documents Wright produced to back his claim had been forgeries. So far, the claimant hasn’t provided any conclusive proof that he’s truly the enigmatic Satoshi Nakamoto.
“Wright’s trove of forged documents is at the heart of COPA’s litigation that begins next week,” he added. “In fact, two experts hired by Wright himself have already acknowledged that many of Wright’s documents are forged.”
Last month, Wright reportedly tried to settle the case. The conditions included making the parties donate a substantial amount to a church in Australia and to silence critics from making any more media campaigns against him. Likewise, he asked unnamed entities to stop representing themselves as the embodiment of the original vision for Bitcoin.
Wright’s move was declined by Copa though. This was also seen by the crypto community as a lack of confidence on the claimant’s part that he would be able to win the lawsuit.
“Hard pass on that ‘settlement,’” posted by Copa on X. “Just like Craig Wright forges documents and doesn’t quite tell the truth, his description of the settlement offer isn’t quite accurate either – it comes with loopholes that would allow him to sue people all over again.”
Craig Wright’s Claims
Wright has been asserting his claim since 2016. During that time, he gained widespread coverage in the mass media, including the BBC, the Economist, and GQ. However, his arguments have proven to be inconclusive.
One of Wright’s key failures to nail his point is his inability to access the first 1.1 million Bitcoin mined by the pseudonymous Satoshi Nakamoto, which should be over $46 billion at the present $42K per BTC rate. Back in 2022, the claimant stated in a Norwegian court that he had already destroyed the computer hard drive containing his keys.
Now, who in their right senses would do just that?
Another feeble attempt to lay his ownership of the original idea of Bitcoin was when he handed a document of the cryptocurrency’s whitepaper. Again, this was shunned by the consensus because the formatting and software used were different from that of the original whitepaper.
The opposition said the LaTex file produced by Wright only directs to a PDF of the whitepaper. Furthermore, the file’s metadata revealed that it was only made on November 19, 2023, from scratch. One attached document even had a high probability to have been constructed via OpenAI’s ChatGPT.
The upcoming court battle will surely shape the trajectory of Bitcoin going forward. While the chances of Wright winning the case appear to be slim based on his unconvincing claims, the opposite scenario could shake up the very foundations of the cryptosphere in a very negative way.