05-20-2020 icon

Is Satoshi Nakamoto Back in Business?

By calvin
satoshi nakamoto

It’s a whale? It’s a plane? No, it’s $486,160.5 worth of Bitcoin being transferred. Eyebrows are raised as 50 original bitcoins from Feb 9, 2009, are moved, sparking suspicion that the mysterious Bitcoin founder, Satoshi Nakamoto may be back on the scene. 

50 Bitcoins Moved

50 bitcoins was moved from the address of the account (17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh) to two different wallets. The age of the account, as well as the patterns of activity related to it, could single it out as a Satoshi-owned wallet. 

The Bitcoin address associated with the transfer showed its first signs of activity since February, 2009. The first activity reported in relation to the account took place a month after the creation of Bitcoin. 

A crypto-wallet tracking account on Twitter, @Whale_alert later reported that 40 bitcoins (391,055 USD) were transferred from a possible Satoshi account . The coins were mined in the first month after the creation of Bitcoin. 

Satoshi’s Bitcoin fortunes are believed to be stored in different wallets. When Bitcoin was created, only three people knew about it: Satoshi Nakamoto, Hal Finney, and Martti Malmi. 

Clues Left Behind

According to Coin Metrics co-founder, Nic Carter, 

“It could really have been anyone… but most likely someone technical enough to run the Satoshi client Bitcoin software and who would have been interested in a digital cash project.”

50 bitcoins was worth approximately $0.15 in 2009.  In 2010, the price of the cryptocurrency was worth an estimated $0.003 in 2010. This is a return that many other assets have not been able to provide to investors. 

Before Bitcoin was created, digital cash technologies such as ecash existed. Adam Back developed a proof-of-work scheme. Nick Szabo would create bit gold, one of the first proposals for distributed digital-based cryptocurrencies. 

Many believe that Satoshi Nakamoto is a native of England due in part to clues left in an online forum where discussed the creation of Bitcoin with other people.