Key Takeaways:
• Coinbase director Conor Grogan claims Bitcoin’s mysterious creator may have been active onchain as late as 2014.
• He also suggests that Satoshi Nakamoto might have used the Canadian exchange CaVirtEx, which was later acquired by Kraken.
• If true, this challenges the long-held belief that Nakamoto disappeared completely in 2011.
New Findings Suggest Satoshi Was Active Later Than Thought
Bitcoin’s pseudonymous creator, Satoshi Nakamoto, is widely believed to have stepped away from the project in 2011, with his last known communication being an email to developer Mike Hearn, stating, “I’ve moved on to other things. It’s in good hands.”
However, Coinbase executive Conor Grogan has put forward new evidence suggesting that Nakamoto may have remained active onchain until 2014. His claim is based on a set of Bitcoin addresses linked to the so-called “Patoshi Pattern”, a mining signature thought to belong to Satoshi.
According to blockchain analytics firm Arkham, these addresses conducted outbound transactions as late as 2014, meaning Bitcoin’s creator may have been around much longer than previously assumed.
The Bitcoin Holdings of a Ghost
If Nakamoto is still out there, his estimated holdings of 1.1 million BTC—worth over $109 billion—would make him wealthier on paper than Bill Gates. This estimation is based on early Bitcoin mining data analyzed by Sergio Demian Lerner, who first identified the Patoshi Pattern.
Some researchers, however, argue that Satoshi’s total Bitcoin holdings may be lower, possibly between 600,000 BTC and 700,000 BTC, while others believe it could be as high as 1.5 million BTC.
A Canadian Connection?
Grogan’s research also suggests a possible link between Satoshi Nakamoto and Canada. He identified 24 outbound transactions from these suspected Satoshi-linked wallets, with a large portion being sent to an address beginning with “1PYYj”. This wallet has also received funds from CaVirtEx, a Canadian crypto exchange acquired by Kraken in 2016.
This connection is significant because Canadian exchanges primarily cater to Canadian residents, though they do allow international accounts. If Nakamoto did use CaVirtEx, it raises questions about whether Kraken or its co-founder Jesse Powell might have insight into his true identity.
While Grogan speculated that Kraken may have access to KYC records tied to these transactions, he advised Powell to delete the data, suggesting it could be highly sensitive information.
When asked for comment, Kraken simply responded on X with, “We are all Satoshi.”
Does This Change Anything?
Grogan believes this new data strengthens the case that Satoshi Nakamoto is no longer active. He stated, “This research makes me even more confident that these coins aren’t moving and that Satoshi is gone.”
The new findings also challenge past theories about Satoshi’s identity. Grogan, who previously suspected Len Sassaman, a cryptographer who passed away in 2011, now feels less certain about that theory.
So, was Bitcoin’s creator active longer than we thought? Could Nakamoto have used a Canadian exchange? Let us know your thoughts!