On May 20, it was reported that Satoshi Nakamoto may have been reactivated to move 50 bitcoins (BTC) that were first mined in February 2009. Further research found that it wasn’t just Bitcoin. It is Bitcoin that Dr. Craig Wright himself has claimed.
The operations in question
The transaction in question transferred 50 BTC to two addresses with a 40/10 split (this split is reminiscent of the famous first Bitcoin transfer that sent 10 BTC from Satoshi to Hal Finney, a computer scientist). Today’s transaction coins were originally mined on February 9, 2009 and have been dormant for eleven years.
Transaction in question. Source: Blockstream Explorer
While 40 BTC are not being spent, it appears that the 10 BTC ended up in a mixer according to chain analysis:
“We are continuing to investigate, but it seems that 40 BTC went to a traditional address and was not issued and 10 BTC seemed to go to a blender. I will keep you posted if we find out much more than that.”
Bitcoin transactions in question. Source: OXT Explorer
The chain analysis then updated their results:
“It appears that part of the money ended up on Coinbase.”
Wright v. Satoshi
This story is getting more interesting. The address at which the newly mined 50 BTCs had hibernated to date, 17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh, was found in a court document in Kleinman vs. Wright, where Craig Wright listed them as his.
A court document issued by Dr. 17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh Wright contains.
We have Dr. Wright’s lawyer Andrés Rivero contacted to ask if his client was the one who moved the coins. He replied with the words:
“No comment. We will get back to you if we say anything.”
The answer does not indicate whether the lawyer had nothing to say because his client was not involved in the transaction or because the time had not come to speak.
If it turns out that Dr. Wright has not moved these bitcoins, it can be concluded that they never belonged to him. And if they don’t belong to you, the other addresses on the list may not belong to Dr. Wright. However, given the honesty of Dr. Wright highly unlikely in court.
Fortunately, the Kleiman vs. Wright, who could possibly end the speculation, is due to be tried on July 6.
We have a follow-up email to Dr. Wright’s lawyer and Dr. Wright sent, but did not receive a response in time for publication.
Not him, say experts
In the meantime, we have contacted some of the best Bitcoin forensics to find out what they think on the subject.
Sergio Demian Lerner, RSK designer and Bitcoin researcher, has published research over the years that is said to identify around 1.1 million bitcoins mined by Satoshi. Cointelegraph turned to Lerner to find out if Hal Finney could mine these coins instead. His answer was clear:
“I have no idea. I’m sure you’re not from Satoshi.”
Chainalysis, the company that became famous for the de-anonymization of Bitcoin, also does not believe that these coins were mined by Satoshi:
“At first glance, we don’t think it’s Satoshi.”
In the meantime, Bitcoin’s market cap lost around $ 6.5 billion at the time the news was released on the Internet. Maybe the market was concerned that Dr. Craig Wright, who claims to be Satoshi Nakamoto, started delivering on his promise to get rid of his stake.
Bitcoin price decline. Source: TradingView (Coinbase).
Although the bitcoins behind this controversy go back to the earliest days, “old” bitcoins are not clear, there are 1.4 million bitcoins that have not been active for over 10 years.
Number of bitcoins that have not been moved for more than 10 years. Source: Glassnode
Speculating about the Satoshi problem is an effort that the crypto community never seems to get tired of. Perhaps this will eventually lead to the true Satoshi revealing to sever this Gordian knot once and for all.
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