Popular cryptocurrency podcaster Dr. Peter McCormack has shed some light over the claim that Bitcoin SV proponent Craig Wright filed against him earlier this year. McCormack also explains what are his options and the time he has to decide.
McCormack VS Craig Wright: Case Can Amount to £750k
Back in April, NChain chief scientist and popular Bitcoin SV proponent Craig Wright filed a libel claim in the UK against a popular cryptocurrency podcaster – Peter McCormack. On April 18th, McCormack tweeted a photo of the legal notice.
A bit more than a month after that, McCormack has explained the details of the case in a lengthy Twitter thread, outlining the paths in front of him as well as what’s on the line.
1/ People have been asking for an update on the legal case with CSW, so here it is. I am being sued for libel and have until Friday at 12.00 to make a decision. The claim is for £100k and includes a number of other requirements.
— Dr. Peter McCormack (@PeterMcCormack) May 29, 2019
First and foremost, the podcaster has until Friday to make a decision about his next steps. In terms of representation, he has the following options:
- Represent himself
- Represent through a legal counsel
- Not contest the claim
As we mentioned above, the claim is for 100,000 GBP. Should McCormack choose to hire a lawyer to represent him, this would increase the cost with an additional £25k – £50k. However, if the case goes to a full trial, it could easily amount to as much as £750,000, which he may have to pay in double if he loses because he’ll have to meet CSW’s legal fees as well.
McCormack also explained that not contesting the claim is also an option because it won’t give CSW the publicity he’s looking for and the judgment that he’s going for. However, this will cost the podcaster £100,000 and in the “worse case” his house.
In reality, the options that he has in front of him put in his own words include:
- Fight and lose (costly, maybe bankruptcy, reputation damage)
- Fight and win
- Don’t fight (costly, maybe bankruptcy, reputation damage)
Social Attacks “Relentless” On McCormack
While the podcaster didn’t disclose whether or not he will proceed to contest the claim of Wright, he said that “social attacks have been relentless from BSV shills or sock puppets.” They’ve been using DMs, emails, YouTube comments, and so forth.
Naturally, the overwhelming majority of the cryptocurrency community has expressed its willingness to support McCormack in his legal fight against self-proclaimed Satoshi Nakamoto – Craig Wright.
Wright’s attempts to sue everyone who is calling him a “fraud” on his claims to be the real Satoshi Nakamoto have caught the eye of major industry proponents.
In April, Cryptopotato reported that Binance, the world’s leading cryptocurrency exchange, delisted Bitcoin SV exactly because of Wright’s Actions.