Peter McCormack Fails to Pay Dr. Craig Wright: Court Demands Answers

Written by :

Jagajeet Chiba

Published on :

27 March, 2022

Peter McCormack Fails to Pay Dr. Craig Wright: Court Demands Answers

Is he down and out? Homeless? The U.K. High Court wants answers....and they want them now.

They have ordered Peter McCormack to attend a hearing to assess his financial position following his failure to pay Dr. Craig Wright the £90,000 he currently owes in relation to Dr. Wright’s defamation suit against him.

McCormack in recent days has apparently quit Twitter because, while the platform was “great” as a “broadcast medium,” it was “a miserable failure” as a “discussion forum.” His convenient rationale timed just days before the UK court verdict. His Twitter account remains, McCormack just won't be in charge of the pro-BTC podcasts.

McCormack claims to be in debt to his attorneys in the neighborhood of £500k. He must bring to court any and all documents in his control which might shed light on his finances, including pay slips, bank statements, share certificates, loan agreements, bills and more.

McCormack had routinely mocked Dr. Wright for his assertions that he was behind the creation of Bitcoin. A Miami jury this past December determined that he indeed was. The podcaster even went as far as to mock Wright using the name “Faketoshi", an obvious bastardisation of Wright's "Satoshi Nakamoto" moniker. It's mean-hearted, vicious and Wright was most certainly wronged.

Wright backs the BSV Blockchain, which he considers to be based on his original white paper.

Brits About to Announce Crypto Regulations

Speaking of the United Kingdom, that nation revealed on Saturday it will be unveiling plans for regulating cryptocurrencies shortly.

British Finance Minister Rishi Sunak is expected to announce a new regulatory regime for crypto in the coming weeks, sources tell CNBC.

The announcement will focus in particular on stablecoins, digital assets that derive their value from existing currencies like the U.S. dollar.

The Treasury has been in discussions with a number of firms and trade groups, including the crypto exchange Gemini.

The move follows US President Joe Biden’s executive order calling for coordination from different U.S. federal agencies on regulating crypto.

There is a perceived sense of urgency these days in the wake of Russia's invasion of the Ukraine.

CNBC's Ryan Browne writes that regulators are worried about possible exposure of the financial system to Bitcoin and other digital currencies, as well as their potential use for evading sanctions imposed on Russia amid its invasion of Ukraine.