Craig Wright Found in Contempt Over Bitcoin Claims

Craig Wright, the Australian computer scientist who has long falsely claimed to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has been found in contempt of court by a London judge. The ruling comes after Wright breached multiple court orders following his defeat in a critical lawsuit brought by the Cryptocurrency Open Patent Alliance (COPA).

COPA, backed by Jack Dorsey, originally sued Wright in 2021 after he claimed copyright ownership over the Bitcoin whitepaper.

Court Declares Wright Not Satoshi Nakamoto

In a binding judgment, the judge firmly ruled that Craig Wright is not the real inventor of Bitcoin. Judge James Mellor stated:

“When it comes to each of the grounds of contempt, I have found each of them proved beyond reasonable doubt.”

The court issued a series of restraining orders against Wright and his companies, barring him from pursuing further lawsuits over Bitcoin-related intellectual property.

The $1.1 Trillion Lawsuit and Contempt Charges

Wright escalated matters in October when he attempted to file a £900 billion ($1.1 trillion) lawsuit over Bitcoin’s intellectual property rights—an act that violated previous court orders. Contempt of court is a criminal offense in England and could result in prison time.

COPA’s legal team accused Wright of showing no remorse. Jonathan Hough, representing COPA, said:

“Wright remains pathologically incapable of accepting responsibility for his misconduct.”

Wright Denies Contempt, Promises Appeal

Appearing via video conference, Wright denied the contempt charges, stating:

“I do not believe I am in contempt.”

He further argued that his lawsuit could be amended to clarify it does not relate to Bitcoin’s creation. Wright also expressed his intention to appeal the ruling.

A follow-up hearing to address Wright’s contempt charges is scheduled for December, while his separate lawsuit against Block remains on hold.

Market Reactions and Broader Volatility

This legal drama comes amid broader market volatility. Following the Federal Reserve’s 25-basis-point rate cut, Bitcoin fell below the $100,000 mark. The Fed’s more hawkish outlook for 2025, projecting fewer rate cuts than anticipated, caused a sharp reaction across financial markets.

Key outcomes included:

• Bitcoin’s decline below $100K.
• The S&P 500 experiencing its largest single-day drop since November 22.
• $800 million in crypto liquidations within 24 hours, highlighting widespread market uncertainty.

Craig Wright’s ongoing legal battles highlight his persistent claims to Bitcoin’s origins, despite court rulings discrediting him. With contempt charges looming, Wright’s fight with COPA continues, while the broader crypto market grapples with regulatory and economic pressures.