- The ‘Satoshi Identity’ trial set for 2024 is in doubt after Craig Wright’s funding was pulled
- Wright was set to battle it out against COPA in January for the right to call himself Satoshi Nakamoto
- Wright’s financial backer Calvin Ayre has pulled all funding, leaving Wright in a tricky position
A British trial aimed at formally identifying whether Craig Wright is Satoshi Nakamoto or not could be in doubt after it was revealed that Wright’s funding has been pulled. Wright has launched multiple lawsuits aimed at legally formalizing his claim to the Satoshi Nakamoto mantle, which would in turn have massive implications for Bitcoin developers and exchanges, but they have all been paid for by his sugar daddy: billionaire casino magnate Calvin Ayre. However, after a series of stunning revelations this week over the voracity of Wright’s evidence, Ayre appears to have pulled the plug, leaving Wright needing to fund the court case alone, something that could be a stretch too far for him.
COPA Trial Will Settle Identity Issue
Wright was issued with an injunction by the Cryptocurrency Open Patent Alliance (COPA) in 2021 over his claims to have written the Bitcoin whitepaper, an injunction that has led to a full-scale lawsuit in the UK. If Wright were to lose the case he would not be allowed to refer to himself as Satoshi Nakamoto in the UK, something that would be highly damaging to himself and his BSV creation.
This lawsuit is in addition to multiple suits started by Wright predicated on the idea that he is Satoshi, which are also in the UK and target exchanges, Bitcoin developers, and more. Given that all the trials rest on Wright’s identity or otherwise as Bitcoin’s creator, the judge overseeing them ruled that the other cases would be bound by the outcome of the COPA trial; if Wright is found to not be Satoshi in the COPA trial then the other trials will be essentially null and void.
The case is due to be heard in January, but events over the past week have led to increased doubt that it will go ahead. A series of explosive revelations from the former CEO of nChain, Cristen Ager-Hanssen, have revealed that Calvin Ayre has bailed on Wright having seen the terrible shape of his evidence, with document manipulation and other forgeries prevalent.
What Really Happened at nChain?
Ager-Hanssen claimed on Friday that he quit nChain after discovering fraud within the company and attempted deception by Wright, whereas Ayre and nChain say his employment was terminated. The Norwegian has not gone quietly, posting bombshell after bombshell on X, including emails from Ayre to nChain insiders confirming that he has ditched Wright after the evidence he presented to back up his case was clearly fabricated:
I can confirm I have departed from @nChainGlobal as its Group CEO with immediate effect after reporting several serious issues to the board of nChain Group including what I believe is a conspiracy to defraud nChain shareholders orchestrated by a significant shareholder. I also… pic.twitter.com/F6rNJfRxnl
— Christen Ager-Hanssen (@agerhanssen) September 29, 2023
The speed with which events have moved has left many scrabbling to keep up and piece the timeline together, but it seems that Ager-Hanssen was so unimpressed by Wright’s evidence that he reported him to the nChain board, along with accusations of fraud within nChain itself, which led to himself, Wright and multiple other board members leaving the company. Wright claims that he decided to leave nChain of his own volition, but Ager-Hanssen says that he recommended Wright’s firing after seeing the evidence he put forward for the COPA case. That evidence, incidentally, has resulted in a 900-page forensic report from COPA’s specialist tearing it apart.
Wright, of course, has a history of manipulating documents, and it will come as a surprise to any impartial observer that he has seemingly tried to get away with it again. This time, however, it seems to have fallen short of even Calvin Ayre’s low standards, with Ayre pulling his financial support:
From @CalvinAyre 26 September at 10:36 pic.twitter.com/x7gYMo6gQJ
— Christen Ager-Hanssen (@agerhanssen) October 3, 2023
Ayre questioned the merits of the legal approach back in June and he has now seemingly had enough, but without Ayre’s funding, Wright will have to find money from another gullible billionaire or fund the case himself, which will be hard for the man who told a court in Florida this year that he has nothing to his name while boasting on social media about his wealth.
Settlement on the Horizon?
So what does this mean for the COPA trial? Seeing as Wright is the defendant he can’t simply withdraw from the case and walk away, meaning he will either have to find another lawyer willing to try their hand with his forged evidence or try to come to a settlement with COPA. Seeing as COPA has him on the ropes it may not be willing to do this, but if its goal really is just to have any legal connection between Wright and Satoshi Nakamoto removed then it may enter negotiations where Wright agrees to their demands without going to trial.
This would be the best outcome for Wright as it would be less costly and it will ensure that the 900-page report never sees the light of day. It will be a huge embarrassment for him but he would almost certainly claim that he was forced to pull out due to costs and would still assert to anyone who cared to listen (and who wouldn’t report him to the courts) that he is Satoshi.
On the downside for him, this would also mean his other UK cases would all collapse, leaving him facing the existing bills and the shame of having to climb down from all the rambunctious claims he has made with regard to them. This would be more damaging than any impact of a COPA settlement alone.
Wright is between a rock and a hard place, all of his own making. Those outside Wright’s camp will hope that he finds a lawyer and tries to take his case to court next year in order for his evidence to be shown up for what it is, but with the situation having moved so dramatically against Wright it would be no surprise if he enters negotiations sooner rather than later and this whole sorry sags is brought to an ignominious end.
