An Australian computer scientist who falsely claimed to be the founder of the bitcoin cryptocurrency has been sentenced to 12 months in prison, suspended for two years, after being found in contempt of an order of London's High Court.
Justice James Mellor ruled that Craig Wright had breached the court order in March, which prohibited him from initiating or threatening further legal action related to bitcoin. Wright's actions included issuing claims totaling over 900 billion pounds in October against companies and individuals regarding intellectual property rights associated with bitcoin.
The Crypto Open Patent Alliance (COPA), a consortium of technology and cryptocurrency firms, argued that Wright's behavior constituted contempt of court as he had been specifically instructed to refrain from making any claims related to bitcoin. Mellor confirmed that Wright had indeed violated the court order.
Wright, who had previously claimed to be the mysterious creator of bitcoin known as “Satoshi Nakamoto,” attended the hearing via video link from either Indonesia or Singapore. He expressed his intention to appeal the contempt ruling.
Bitcoin, the first and largest cryptocurrency, was introduced in 2008 during the global financial crisis. It operates through a decentralized online network without a central authority, utilizing blockchain technology to record transactions.
Despite its popularity, cryptocurrency remains highly volatile. Bitcoin's value has experienced significant fluctuations, with its price recently surpassing $100,000 following the U.S. election results. However, the currency's value dropped to around $80,000 on Thursday, marking a substantial decline in just a few weeks.
Wright's claims of being Nakamoto have been met with skepticism, and he has been accused of attempting to profit from bitcoin's surging value. The true identity of Nakamoto, who disappeared in 2011, remains unknown.
