Self-Proclaimed Satoshi Nakamoto Abandons Libel Suit, Pays All Legal Dues

The self-proclaimed founder of Bitcoin, Craig Wright has dropped a defamation lawsuit against Adam Back over the Blockstream CEO’s claim that Wright was deceitful in asserting to be the maker of Bitcoin.

It is to be noted that Wright filed the complaint alongside analogous suits targeting Twitter user ‘Hodlnaut’, Bitcoin.com founder Roger Ver, Ethereum cofounder Vitalik Buterin, and podcaster Peter McCormack, 1 year ago.

On April 12, Adam Back tweeted that Craig Wright had abandoned his libel suit. He further specified that Wright’s representation “declined to give any explanation of why Craig retracted.”

The Blockstream CEO further notes that Wright concurred to repay all legal fees he incurred. He described the move as bizarre, specifying that it is “reasonable costs” of between sixty-five percent and seventy-five percent as per the legal standard. In whole, he approximates that the case cost Wright above twenty-five thousand USD.

After approving termination of the case, Back mentions that he received around eighty-four hundred USD by wire transfer, the very next business day. He adds:

“On the plus side I have to thank Craig for paying for a very informative 2hr+ briefing on latest UK libel law trends, and hilarious and detailed briefing on the case vs @PeterMcCormack from legal experts at RPC. (Who were barely stifling smirks at the craziness much of the time.”