{"id":106709,"date":"2019-05-31T00:40:46","date_gmt":"2019-05-31T07:40:46","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=106709"},"modified":"2019-05-31T00:40:46","modified_gmt":"2019-05-31T07:40:46","slug":"craig-wrights-libel-lawsuit-could-cost-peter-mccormack-up-to-750000","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/craig-wrights-libel-lawsuit-could-cost-peter-mccormack-up-to-750000\/","title":{"rendered":"Craig Wright’s libel lawsuit could cost Peter McCormack up to \u00a3750,000"},"content":{"rendered":"

Peter McCormack<\/a>, the host of the \u201cWhat Bitcoin Did\u201d podcast, revealed details about the lawsuit Craig Wright<\/a> had filed against him in April. In a lengthy Twitter thread, McCormack explained the horrific legal ordeal he will have to suffer through to defend himself from Wright's accusations.<\/p>\n

McCormack explains his options in the Wright libel case<\/h2>\n

Peter McCormack, a prominent figure in the crypto industry and host of the “What Bitcoin Did” podcast, shared the most recent developments in the libel lawsuit Craig Wright<\/a> filed against him.<\/p>\n

Earlier this year, McCormack challenged<\/a> Wright\u2019s claim<\/a> that he was the one who developed Bitcoin under the pseudonym, Satoshi Nakamoto. The controversial entrepreneur filed a claim in a United Kingdom court on April 17, accusing McCormack of libel. In the official court report, Wright noted that he believes the attacks against him were actually meant to hurt Bitcoin SV<\/a>, a notion disputed by McCormack several times.<\/p>\n

\"Bitcoin<\/a>
Related: Bitcoin podcaster Peter McCormack offers Craig Wright \u00a3100,000 to prove he\u2019s Satoshi<\/a><\/figcaption><\/figure>\n

After a few uneventful weeks, McCormack finally shared an update on his legal case with Wright, saying that he had until Friday, May 31, to make a decision on what to do.<\/p>\n

The first thing McCormack will have to decide on is representation\u2014he can choose between representing himself, hiring a legal counsel to represent him, seek mediation, or not contest the claim. Choosing lawyers to defend him against Wright's \u00a3100,000 claim could cost McCormack anywhere from \u00a325,000 to \u00a350,000.<\/p>\n

If the libel case was to go to full trial, these expenses could increase fifteen-fold and amount to \u00a3750,000. Should McCormack lose the case, these expenses could double as he'd be obliged to pay Wright's legal fees as well.<\/p>\n

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3\/ For full support from an expert lawyer, the cost for the initial defence is estimated at around \u00a325k – \u00a350k. If this goes to a full trial, the worst case to defend would be \u00a3500k – \u00a3750k. If I lose, it could be double that as I would have to pay CSW's legal fees (\u00a31.5m).<\/p>\n

— Dr. Peter McCormack (@PeterMcCormack) May 29, 2019<\/a><\/p><\/blockquote>\n