Peter McCormack sheds light on legal battle with Craig Wright

29 May, 2019 | Updated: 29 May, 2019
by Will Heasman
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Peter McCormack sheds light on legal battle with Craig Wright

Within a Twitter thread, Crypto podcaster Peter McCormack has detailed the goings on within his legal fight with Bitcoin SV propagator, Craig Wright.

The litigation arose back in April when Wright filed a lawsuit against McCormack alleging claims of libelous behavior.

Only now, after numerous requests for comment has McCormack detailed the goings on within the case.

According to the podcaster, he has until Friday 31st of May to make a decision as to whether he represents himself, uses legal counsel, compromises through mediation or offers no contest; the latter option essentially meaning McCormack would settle and pay $100k.

The thread reveals that the cost of initial defense alone would amount to $60k, with a full trial costing nearly $1 million, and losing the trial altogether (due to having to pay Wrights legal fees) costing a massive $1.8 million.

McCormack notes that offering no contest might be a viable option as it strips Wright from his “day in court,” thus - as McCormack puts it - not providing a judgment that would further Wright’s stake to the crypto throne.

McCormack highlights the various offers he’s received for both pro bono legal counsel as well as donations towards the legal costs, suggesting that neither are particularly great options, as he doesn’t want to take money and losing the case could prove damaging to Bitcoin.  He also suggests that representing himself may be a valid (if time-consuming) option.  

Interestingly quite a few responses noted that Binance boss, Changpeng ‘CZ’ Zhao had offered to pay McCormack’s legal fees:

Others suggested a crowdfunding campaign:

With the decision looming, it appears as if McCormack might be leaning to provide no contest, and to be fair, who could blame him? Potentially years in court, and thousands if not millions in legal fees, for very little in return doesn’t sound like a lot of fun...

What do you think? Should McCormack fight the case? Or settle? Let us know your thoughts in the comments below!

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