Binance CEO Proposes Legal Defense Fund for Craig Wright’s Lawsuit Targets

Binance CEO Changpeng Zhao has suggested the creation of a charity fund to support people being sued by Australian businessman and self-proclaimed Bitcoin creator Craig Wright.

On his Twitter account, Zhao claimed that Wright “is picking on the people who have a hard time fronting their legal fees. How about we do a @BinanceBCF charity program to raise money from the community for legal fees for anyone CSW sues?

Zhao, who pledged a personal donation of $10,000 worth of Binance Coin (BNB) to the hypothetical fund, explained that the charity’s money would be used to pay for litigants’ lawyer fees.

The charity funds would be denominated in Binance’s own native token and transactions would be preserved and tracked on Binance’s blockchain.

Cases should be “slam dunk”

As of this writing, 65 percent of people have voted “I will donate” on the Twitter survey Zhao created for the hypothetical defense fund.

Craig had recently been reported to be using a UK libel law to silence critics who challenge his claims that he is the man behind the Satoshi Nakamoto pseudonym and that he invented Bitcoin.

Podcaster Peter McCormack and Bitcoin Cash advocate Roger Ver are among those who have labeled Wright a fraud and have since been sued.

These cases should be slam dunk,” Zhao added. “The loser (CSW) will eventually have to cover these legal fees. At that time, we can return those to the donors or donate those fee to charity.

While thankful, McCormack didn’t appear to be too thrilled at the idea of a charity fund. Replying to Zhao’s post on Twitter, he explained that he would rather face the lawsuit using his own resources.

Thanks for this CZ but I really don’t think people should donate their hard-earned Bitcoin to my fund,” McCormack tweeted. “I got myself into [it], it is up to me to deal with. Also, it may cost more to fight it than what they want.

Wright welcomes a strong defense

Jimmy Nguyen, the chairman of fintech company nChain which Wright co-founded, says Wright would appreciate it if the people he is suing can manage to put up a strong legal defense.

Libel cases are all about getting to the truth, and truth—as it always does—will win,” he said. “Craig has no issue with a vigorous defense because it gets to the truth and he looks forward to proving the truth in courts of law, rather than in crypto social media.

Nguyen also expressed skepticism that wealthier litigants such as Ver and Ethereum co-founder Vitalik Buterin would need help from Binance’s hypothetical legal defense fund.

I imagine that Roger Ver and Vitalik Buterin do not need the benefit of a charity fund for legal defense,” he said. “And I will be curious to see if Binance violates any charitable foundation laws by soliciting charity donations to fund legal defense fees for libel defendants.