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Ripple CTO Reacts to 'Fake Satoshi' Craig Wright's Court Loss

Thu, 07/27/2023 - 09:52
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Gamza Khanzadaev
David Schwartz doesn't hold back words for Craig Wright after court verdict reveals truth
Ripple CTO Reacts to 'Fake Satoshi' Craig Wright's Court Loss
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In a recent court development, Craig Wright, who claims to be the enigmatic creator of Bitcoin, Satoshi Nakamoto, has suffered a significant legal setback. He has been ordered to pay worth more than half a million dollars for legal costs as he pursued claims against crypto exchanges Coinbase and Kraken.

Self-proclaimed Satoshi Craig Wright Loses Appeal in McCormack Lawsuit

Key passages in the court's verdict reveal damning statements regarding Wright's credibility. The judge found that Wright had deliberately provided false evidence during the trial, leading to the conclusion that he had resorted to deception to bolster his case, causing serious harm. This finding left Wright with little ground to challenge the court's judgment.

The court's determination of Wright's deceptive actions has reverberated through the crypto community. David Schwartz, one of the architects of XRP Ledger and the current CTO at Ripple, also weighed in on the news. Not holding back, Schwartz took to X (formerly Twitter) to emphasize that once again, the court is finding that Craig Wright knowingly lied under oath to fraudulently obtain monetary compensation for a lawsuit. Schwartz previously called Wright a vile and grotesque character.

The basis of Wright's claims lies in his assertion of owning the goodwill associated with the term "Bitcoin." He contends that the trading of Bitcoin (BTC) and Bitcoin Cash (BCH) on Coinbase and Kraken is detrimental to the brand of his alternative cryptocurrency, Bitcoin Satoshi Vision (BSV).

No, Ripple Will Not Give Away 100 Million XRP: Scam Alert

Schwartz's reaction reflects the broader sentiment among cryptocurrency enthusiasts and experts, who have long been skeptical of Wright's claims of being Satoshi Nakamoto, even giving him the nickname Faketoshi.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.