Bitcoin creator hunt hits another dead-end

Bitcoin underpins a two trillion-dollar cryptocurrency industry, is now traded by the world’s biggest investment houses and is even an official currency in one country.

But despite its meteoric rise, a deep mystery remains at its heart: what is the true identity of its founder, the elusive Satoshi Nakamoto?

Many have tried to answer that question, but so far all have failed. In October, a high-profile HBO documentary suggested that a Canadian bitcoin expert called Peter Todd was he. The only problem: he said he was not, and the crypto world largely shrugged it off.

So, inevitably, ears pricked up across our newsroom – and the crypto world at large – when on Thursday a call went out that the mysterious creator of Bitcoin was to, finally, unmask himself at a press conference.

There is deep interest in who Satoshi Nakamoto is in part because they are considered a revolutionary programmer who helped spawn the crypto industry.

Their voice, opinions and world view would be extremely influential on an industry with such a devoted and zealous fanbase.

But the fascination also stems from the fact that, as the holder of more than one million bitcoins, Satoshi would be a multi-billionaire, not least because the price of the coins is currently close to an all-time high.

Given that vast wealth, it was somewhat unusual to be asked by the organiser of Thursday’s press conference to pay for my seat at his grand unveiling.

A front row seat would be £100. It was another £50 if I wanted unlimited questions. Organiser Charles Anderson even encouraged me to spend £500 in exchange for the privilege of interviewing “Satoshi” on stage.

I declined.

Mr Anderson said I could come along any way but cautioned there might not be a seat for me, such was the level of anticipation.

As it happened, seating wasn’t a problem.

Only around a dozen reporters turned up to the prestigious Frontline Club – which interrupted proceedings at one point to stress it only provided a room, and not any official endorsement.

Very soon it became clear that all attendees were extremely sceptical.

After some digging it emerged both the organiser and the purported Satoshi were currently embroiled in a complex legal fight over fraud allegations – linked to claims to be Satoshi.

It was an unpromising start, and things only got worse from there.

Mr Anderson invited “Satoshi” to come on stage.

A man called Stephen Mollah, who had been sat silently on the side the whole time walked up and resolutely declared: “I am here to make a statement that yes: I am Satoshi Nakamoto and I created the Bitcoin on Blockchain technology.”

Over the following hour, reporters went from amused to irritated as he failed to provide any of the promised evidence for his claims.

Mr Mollah promised that he would make the Hail-Mary move of unlocking and interacting with the first-ever Bitcoins to be created – something that only Satoshi could do.

But he didn’t.

I departed, along with other bemused reporters, taking with us any lingering doubts that this would prove to be yet another dead-end in the quest to unmask Satoshi.

The list of those identified – unsuccessfully – as Satoshi Nakamoto is long.

In 2014, a high-profile article in Newsweek said it was Dorian Nakamoto, a Japanese-American man living in California.

But he denied it and the claim has largely been debunked.

A year later, Australian computer scientist Craig Wright was outed as Satoshi by reporters.

He denied it, before saying it was true – but then failed over many years to produce any evidence.

In the spring the High Court in London ruled that Mr Wright was not the inventor.

Tech billionaire and crypto enthusiast Elon Musk also denied he was behind the cryptocurrency after a former employee at one of his firms, SpaceX, suggested it.

Which brings us to the question: does it really matter?

The crypto market’s current valuation means it is worth more than Google. And it seems inconceivable that the tech giant would play such a big role in our lives without people knowing who founded it, and owned a sizeable chunk of the firm.

Perhaps there’s good reason for the real Satoshi to keep schtum though. That bitcoin stash would make them worth an estimated $69bn and their life and character would no doubt be heavily scrutinised if they were found.

Peter Todd, who was named by the HBO documentary as being Satoshi, said the unwelcome attention he’s received has made him fearful for his safety.

Many in the crypto world enjoy the fact that the mystery remains unsolved.

“No-one knows who Satoshi is and that’s a good thing,” Adam Back, one of its core developers (and another potential Satoshi candidate) posted on X recently.

Natalie Brunell, a Bitcoin podcaster, thinks Satoshi’s anonymity is not only deliberate but essential.

“By concealing his true identity, Satoshi ensured that Bitcoin wouldn’t have a leader or central figure, whose personal agenda could influence the protocol,” she told me.

“This allows people to trust Bitcoin as a system, rather than placing their trust in an individual or company.”

Carol Alexander, professor of finance at Sussex University – who lectures on the history of Bitcoin – is less sure.

In her view, the circus around who Satoshi Nakamoto is distracts from people looking into – and getting to grips with – the more serious question of how cryptocurrencies might upend the way the economy works.

As I left the Frontline Club it was hard to compute the bizarre press event, beyond one obvious fact.

For now – and perhaps forever – the search for Satoshi continues.