Tether’s Legal Tug-of-War: Hoegner Defends Support for McCormack Against Wright’s Claims

Tether’s Response to Funding Allegations

Stuart Hoegner, the sharp-tongued general counsel for Tether and the cryptocurrency exchange Bitfinex, is defending his company against allegations that they’ve left podcaster Peter McCormack high and dry in his legal odyssey against Craig Wright, the man who fancies himself as Satoshi Nakamoto. In an October 24th tweet, Hoegner labeled claims from crypto platform Coingeek as “a lie” and stood firm on Tether’s commitment to McCormack.

The Background Drama

The saga began in April 2019 when Wright tossed a libel grenade at McCormack over claims that the Australian was pulling a fast one as the supposed creator of Bitcoin. Hoegner had previously hinted at financial support from Tether to back McCormack’s defense, only to find himself backpedaling now that Coingeek, a platform known for its ties to Wright supporter Calvin Ayre, made contrary claims.

Hoegner’s Assertions

Hoegner’s recent statements insist that Tether supports McCormack and believes in his stance. “Tether supports Peter McCormack and believes he’s in the right,” he tweeted, likely while prepping for a legal face-off. It’s worth wondering if there’s an unspoken fine print that reads “support” might not include a check.

Ayre’s Counterarguments

Calvin Ayre, never one to back down, responded to Hoegner’s rebuttal with his own bombshell: a letter from McCormack’s lawyer indicating McCormack might want to settle due to dwindling funds. “If Tether is still funding this makes no sense,” Ayre tweeted, raising eyebrows and hackles simultaneously. His essence of skepticism leaves little room for ambiguity.

Wright’s Litigious Pursuits

The stakes in this drama aren’t just confined to McCormack. Wright isn’t just throwing around legal threats like confetti; he has filed numerous defamation suits, including one against Bitcoin Cash supporter Roger Ver earlier in the year. The pattern suggests a strategic move to silence dissenters in the crypto community, even when some of his legal pursuits have ended in hearty faceplants.

The Implications for the Crypto Community

This entire debacle raises significant questions about alliances in the crypto arena. As Tether and Bitfinex negotiate through the murky waters of legal disputes, the role of financial backing in influencing outcomes, public perceptions, and possibly even reshaping market dynamics looms large. It’s an excellent time for spectators and participants alike to ponder where allegiance lies in the tangled web of cryptocurrency.