If the creator of Bitcoin, known by the anonym Satoshi Nakamoto, still controls their early Bitcoin holdings, estimated at more than one million coins, their wealth could be worth around $70 billion today. – MC News
For nearly two decades, the identity of Satoshi Nakamoto, the elusive creator of Bitcoin, has remained one of the internet’s biggest mysteries. Now, a fresh investigation by The New York Times claims it may have found a strong lead, pointing to British cryptographer Adam Back.
What the NYT investigation found
The report is based on a year-long deep dive into early internet archives, emails and cryptography forums. It argues that Back’s work in the 1990s closely mirrors the foundations of Bitcoin.
He was part of the Cypherpunk movement, which promoted the use of cryptography to ensure privacy and reduce government control, ideas that later became central to Bitcoin’s design. Back also invented Hashcash, a system originally meant to fight spam, which the report says became a key building block for Bitcoin’s mining mechanism.
The NYT investigation further points to strong technical overlaps. Back specialised in distributed systems and cryptography, both essential to how Bitcoin functions.
His early writings even describe decentralised networks similar to the one Nakamoto eventually implemented.
Writing style and timing raise questions
Beyond technical links, the report highlights similarities in writing style and behaviour. Using computer-assisted analysis, it found that Back’s writing closely matches Nakamoto’s across several parameters, including spelling patterns, formatting quirks and phrasing habits.
The timing of events also adds intrigue:
- Nakamoto disappeared from public communication in 2011 after developing Bitcoin for about two years;
- Back, who had been active in cryptography discussions, went unusually quiet around the same period;
- He reappeared weeks later and began discussing Bitcoin.
While not definitive, these overlaps have fuelled speculation.
Adam Back rejects the claim
Back, however, has denied the claim, telling the BBC that the conclusions are based on “confirmation bias” rather than concrete proof. In statements cited by the BBC and on social media, he said: “I’m not Satoshi.”
He argued that the similarities highlighted in the New York Times report are coincidental and stem from “people with similar experience and interests.” He also disputed claims that he was absent during Bitcoin’s early development, saying he was actively participating in discussions at the time.
Why the mystery
The fascination around Nakamoto’s identity goes beyond curiosity. If the creator still controls their early Bitcoin holdings, estimated at more than one million coins, their wealth could be worth around $70 billion today.
At the same time, many in the crypto community believe Bitcoin’s strength lies in its anonymity. A known founder could centralise influence, something the system was designed to avoid. Back himself noted that not knowing Nakamoto’s identity may actually be “good for Bitcoin.”
Not the first time someone’s been named
This is far from the first attempt to identify Nakamoto. Over the years, several names have surfaced, only to be denied or debunked:
- Dorian Nakamoto was identified in a 2014 report but denied involvement;
- Craig Wright claimed to be Nakamoto, but a UK court later ruled against him;
- Peter Todd was named in a 2024 documentary and dismissed the claim.
The New York Times investigation presents one of the most detailed attempts yet to unmask Bitcoin’s creator. But with Adam Back rejecting the claim and no definitive proof, the identity of Satoshi Nakamoto remains unresolved. – MoneyControl News, 8 April 2026
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