Dr. Craig Wright has been subjected to a Worldwide Freezing Order (WFO) by the UK High Court, which prohibits him from transferring his assets until he settles his outstanding legal expenses of £1.548 million owed to Peter McCormack.

The WFO originates from a defamation lawsuit in which Wright, who asserted to be the founder of Bitcoin, was shown to have provided false testimony. The controversy originated in 2022 when Wright initiated legal proceedings against McCormack, a host of a crypto podcast, on the grounds of defamation.

Wright accused McCormack of defaming him through social media posts and YouTube videos, where he was accused of making false claims about being Satoshi Nakamoto, the founder of Bitcoin.

The court first recognized that McCormack’s words caused harm to Wright’s reputation, but granted him a mere £1 in nominal damages as a result of Wright’s deceitful conduct, which included the use of counterfeit evidence.

The court mandated that Wright compensate McCormack with a sum of £1.548 million ($1.9 million) to account for legal expenses. The court claimed that the lawsuit should not have been undertaken, as it was founded on falsehoods and counterfeit records. The establishment of the WFO (Worldwide Fund for Orphans) is a momentous triumph for McCormack and the crypto community.

This achievement is particularly noteworthy considering Wright’s contentious reputation and his tendency to litigate against anybody who dispute his assertion of being Satoshi Nakamoto. This case highlights the significance of integrity in judicial proceedings, particularly in high-stakes defamation claims involving prominent individuals in the cryptocurrency industry.