Self-proclaimed Satoshi slams XRP as a Ponzi scheme, says Ripple will deflect

In the midst of a legal dispute with the U.S. Securities and Exchange Commission (SEC) over Ripple’s alleged unlawful sale of $1.3 billion worth of XRP tokens, self-proclaimed “Satoshi Nakamoto,” Craig Wright, has continued his vocal attack against the digital asset and blockchain company.

The Australian computer scientist Wright, who claims to be the pseudonymous creator of Bitcoin (BTC) and author of its whitepaper, said on January 4 in a series of tweets that Ripple claims banks are using their product “yet, not a single case can be demonstrated,” as he continued his war of words against Ripple CTO and one of the original XRP ledger architects David Schwartz.

Wright also claimed Ripple has been using ambiguous language to conceal the truth for over 8 years now, in turn defrauding the market, labeling it a ‘Ponzi.’ The computer scientist challenged Ripple, saying:

“If you are saying that you have a solution and that it is being used in production, you will be able to put evidence. Not marketing material, evidence. At no point have Ripple ever demonstrated this, and it is not my place to define every possible bank in existence that may have ever used Ripple.”

Wright added:

“The deflection by ripple is expected. They have a system that isn’t being used, that is constantly rejected even when they pay people to use it, and a C level individual who was defrauding the market to keep their Ponzi going.”

So, the deflection by ripple is expected.

They have a system that isn't being used, that is constantly rejected even when they pay people to use it and a C level individual who was defrauding the market to keep their Ponzi going
— Dr Craig S Wright (@Dr_CSWright) January 4, 2023

Ripple Twitter exchange heats up

Notably, the Twitter spat between the two began on December 24 in a series of tweets that saw Wright initially berate XRP as a ‘useless pump and dump scheme.’

Schwartz had initially hit back after the whole exchange started with Wright stating that “Bitcoin cannot ever be adopted by institutional investors until the system is able to be recovered under a legal court order,” which Schwartz referred to as “dumb for so many reasons.”

Schwartz “never really understood Bitcoin,” according to Wright, who went on to say that Schwartz is “also so far from understanding anything to do [with] Bitcoin that he thinks Ripple is related to a blockchain in some way.”

Notably, other industry players have criticized XRP, including Cardano (ADA) creator Charles Hoskinson, who accused the XRP community of propagating conspiracy theories regarding the SEC case, and Ethereum (ETH) co-founder Vitalik Buterin, who said that XRP was “still completely centralized.”