Researchers have proposed a fresh theory about the enigmatic creator of Bitcoin, Satoshi Nakamoto. They suggest that Nakamoto may not have disappeared but instead has been strategically liquidating portions of their Bitcoin holdings since 2019.
The claim was put forward by Bitcoin research firm BTCparser and centers around a collection of wallet addresses created in 2010, each holding 50 Bitcoin, that remained dormant until late 2019.
BTCparser’s analysis highlights these wallets, which it dubs the “2010 megawhale.” The firm speculates that Nakamoto has been selling coins from these wallets while leaving their original 2009 holdings untouched, a move aimed at maintaining anonymity and deflecting attention from their identity. “It paints a picture of a creator who planned meticulously to ensure their privacy,” BTCparser noted in its post but cautioned that the theory remains speculative.
The first notable transfer from these 2010 wallets occurred in November 2019, when $5 million worth of Bitcoin was sold. Subsequent sales followed in March and October 2020, valued between $6-13 million, and most recently, a $176 million liquidation occurred on November 15, 2024. BTCparser observed that these sales align with Bitcoin’s increasing value, indicating strategic timing by the wallet holder.
The liquidation process involves pooling funds into a single escrow-like P2SH address before dispersing them to multiple bech32 addresses, which are known for low transaction fees and efficient block space use.
BTCparser speculated that Coinbase, the crypto exchange where some of these transactions reportedly ended, might hold information about the individual or entity responsible for the transfers.
According to BTCparser, avoiding transactions from the original 2009 wallets—a set widely speculated to belong to Nakamoto—helps preserve anonymity. The deliberate use of later-minted coins could be a tactic to reduce scrutiny and prevent linking these activities to the Bitcoin creator.
The enduring Satoshi mystery
The identity of Satoshi Nakamoto has remained one of Bitcoin’s most enduring mysteries, with several individuals, including Nick Szabo, Adam Back, and the late Hal Finney, often named as potential candidates. While many have denied these claims, public interest persists.
In October, a controversial HBO documentary, Money Electric: The Bitcoin Mystery, alleged that Bitcoin developer Peter Todd invented Bitcoin, a claim Todd and many in the industry have dismissed as baseless.
Despite Todd’s denials, the documentary has had real-world consequences for him. According to Wired, Todd has gone into hiding due to an overwhelming influx of financial requests and concerns over his safety. Many fear that criminals may target him, believing he controls Nakamoto’s fortune—over 1 million Bitcoin, currently valued at more than $95 billion. This would place Nakamoto among the 20 wealthiest people in the world.
BTCparser’s theory adds another layer to the ongoing speculation, suggesting that Nakamoto, or someone with close ties to the early Bitcoin ecosystem, may still be active in the cryptocurrency market while carefully protecting their identity.