Craig Wright, the self-proclaimed creator of Bitcoin, has been ordered to pay $516,000 in security costs to proceed with his lawsuit against cryptocurrency exchanges Coinbase and Kraken. The lawsuit, which was filed last May, sought damages of several hundred billion pounds, with Wright claiming that he has the sole right to use the Bitcoin brand. However, the judge presiding over the case expressed doubts about Wright’s ability to cover his legal expenses, citing unclear evidence regarding his financial status. In addition to the security costs, the judge also ruled that the infringement lawsuits against Coinbase and Kraken should remain pending until the verdict of another case, Crypto Open Patent Alliance v Craig Steven Wright, which will determine Wright’s true identity as Satoshi Nakamoto, the anonymous creator of Bitcoin. If Wright fails to prove himself in the identity case, it is unlikely that the trademark case would stand a chance. This is not the first time Wright has been involved in legal disputes regarding his claims of being Satoshi Nakamoto. He previously filed a lawsuit against a Bitcoin proponent known as Hodlonaut, but lost the case when the court ruled that Hodlonaut had sufficient grounds to claim that Wright had lied and cheated in his attempt to prove his identity. Wright’s legal battles continue to make him a controversial figure in the crypto industry.
