Craig Wright's libel lawsuit could cost Peter McCormack up to £750,000

Peter McCormack, the host of the "What Bitcoin Did" podcast, revealed details about the lawsuit Craig Wright had filed against him in April.

McCormack explains his options in the Wright libel case.

Peter McCormack, a prominent figure in the crypto industry and host of the "What Bitcoin Did" podcast, shared the most recent developments in the libel lawsuit Craig Wright filed against him.

The controversial entrepreneur filed a claim in a United Kingdom court on April 17, accusing McCormack of libel.

In the official court report, Wright noted that he believes the attacks against him were actually meant to hurt Bitcoin SV, a notion disputed by McCormack several times.

After a few uneventful weeks, McCormack finally shared an update on his legal case with Wright, saying that he had until Friday, May 31, to make a decision on what to do.

Choosing lawyers to defend him against Wright's £100,000 claim could cost McCormack anywhere from £25,000 to £50,000.

Should McCormack lose the case, these expenses could double as he'd be obliged to pay Wright's legal fees as well.3/ For full support from an expert lawyer, the cost for the initial defence is estimated at around £25k - £50k. If this goes to a full trial, the worst case to defend would be £500k - £750k. If I lose, it could be double that as I would have to pay CSW's legal fees.

Dr. Peter McCormack May 29, 2019.McCormack's legal woes draw incredible support from the crypto community.

An incredible number of people came out to support McCormack in his fight against Wright, with hundreds of Twitter users saying they would donate to help cover his legal expenses.