Craig Wright’s Troubles Stack as New Lawsuit Gathers Steam

Burnt by his belief in Craig Wright’s “Satoshi” ruse, Ryan X. Charles rallies support for a class action lawsuit effort.

Satoshi Nakamoto fabric torn like a cell door window to show Craig Wrights face.
Created by Kornelija Poderskytė from DailyCoin
  • Craig Wright’s claims of being Satoshi Nakamoto are over. 
  • Former believer Ryan X. Charles started the FaketoshiSUX group to seek redress
  • FaketoshiSUX is gathering numbers for a class action lawsuit against the perpetrators.

The UK High Court’s ruling that Craig Wright is not Satoshi Nakamoto has finally ended years of lies and legal wrangling waged by the self-proclaimed Bitcoin creator. While the decision confirmed what many skeptics had alleged, it served as a harsh wake-up call for ardent Wright supporters who had bought into his claims.

Former believer Ryan X. Charles, who has been candid about being misled by Wright’s cult of personality, has been active on social media post-ruling, expressing regret over being duped. However, in a further twist, Charles is now leading the charge to hold Wright accountable, gathering support for a class action lawsuit under a newly created organization called FaketoshiSUX (Faketoshi Supporters Unite on X).

Craig Wright Saga May Not Be Over

The FaketoshiSUX organization is casting a wide net, calling on anyone and everyone wronged by Wright, Calvin Ayre, and Stefan Matthews to collect evidence, get in touch, and make their voice heard as part of the class action effort.

However, the chances of winning such a sprawling class action are uncertain, considering that Wright’s multiyear scam encompassed many possible grievances, such as monetary damages and harder-to-quantify damages like ruined reputations and broken relationships.


The FaketoshiSUX effort has already drawn backlash on X, with users like Gilles Cadignan remarking that Wright’s victims had years of warning ahead of the High Court ruling. Others like Fresh$tart argue that Wright believers should shoulder some responsibility for being taken in by the lies rather than pursuing legal action.

Despite the pushback against the merits of a class action lawsuit, Charles has bared his soul about his experience of being fooled by Wright. 

FaketoshiSUX Wants Redress

In the wake of Wright being unmasked, Charles has taken to social media to share his experience of falling for Wright’s multiyear ploy. A recent lengthy post described how Charles was initially convinced Wright was the real Satoshi based on endorsements from respected figures like Gavin Andresen.


According to Wright’s instructions, this false belief led Charles to pivot his business to Bitcoin Cash (BCH) and later Bitcoin SV (BSV) and sell off his long-standing Bitcoin holdings. “I used to be a big holder of Bitcoin. I sold all of it to support Craig Wright,” rued Charles, who estimated losing tens of millions of dollars due to being duped.

“I was a cult member and was being manipulated by a psychopath who did not care if he ruined me so long as he had perceived near-term benefit,” lamented Charles.

Charles stated that a hardcore group continues to believe Wright is Satoshi despite the mountains of irrefutable evidence heard in the UK High Court. He called on the crypto community to display kindness to these cult victims.

FaketoshiSUX began as an organization posting AI-generated animal pictures as a show of solidarity between Wright’s victims, acknowledging “there is nothing we can do to help.” But this soon turned into a more radical movement seeking legal recourse against Wright and his alleged co-conspirators.

On the Flipside

  • The “blockchain war” culminated in BCH hard forking from Bitcoin in August 2017, with Wright and Roger Ver significant figures in the BCH community.
  • Wright wanted block sizes on BCH to be hundreds of times bigger for higher throughput and scalability, resulting in BSV hard forking from BCH in November 2018. 
  • Both BCH and BSV are close to 100% down against Bitcoin.

Why This Matters

The FaketoshiSUX organization was born as a cathartic response to having fallen for CW’s manipulations. Still, it is unclear at this stage whether it can get the redress it seeks, particularly as Wright’s financial situation is unknown.

Wright’s legal defeat puts the future of Bitcoin SV in doubt. Read more here:

Craig Wright’s Satoshi Court Loss Puts Bitcoin SV in Doubt

Read about the demand for Bitcoin ETFs waning for a second day, sparking unease:

Unease Grows as Bitcoin ETFs Suffer Consecutive Outflows

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.