The $114 billion mystery: Satoshi Nakamoto's 15-year silence

A person creates $114 billion worth of assets and has not touched a penny of it for 15 years. This is not a movie plot, but a story that really happens in the blockchain world. This man is called Satoshi Nakamoto, and he changed the world and then disappeared.

No one knew who he was, and no one had ever seen his true face. But he redefined what money means with a 9-page PDF. He then proved his faith with silence.

A white paper, and then the author disappears

On October 31, 2008, a man named Satoshi Nakamoto posted a paper on the cryptography mailing list:Bitcoin: A peer-to-peer electronic cash system。

Just 9 pages have become the bible of the cryptocurrency world.

Two months later, on January 3, 2009, the Bitcoin network was officially launched. The genesis block is dug up. Satoshi Nakamoto left a line of information in it:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”

Translated: The headline of the British “Times” - The Chancellor of the Exchequer is on the verge of a second bank bailout.

It’s not just code, it’s a statement. In the shadow of the financial crisis, a mysterious person used Bitcoin to express doubts about traditional finance.

Satoshi Nakamoto’s Two Years: Pioneering from Zero to One

Over the next two years, Satoshi did almost all the groundbreaking work:

Wrote the first Bitcoin client, ran the first full node, personally participated in mining, and sent the first Bitcoin transfer in history to cryptographer Hal Finney. He actively communicates in forums and mail, answers questions, solves problems.

Then, everything came to an abrupt end.

In 2010, Satoshi Nakamoto gradually withdrew. In April 2011, he left his last words: "I’ve moved on to something else. There was no farewell ceremony, no media interviews, and no explanations. Fifteen years later, he still hasn’t shown up.

1 million BTC of cold ledger

According to blockchain data estimates, Satoshi Nakamoto dug up a total of about it1 million Bitcoins。

Based on the latest price in January 2026, these bitcoins are worth about**$114 billion**。 Based on the current circulating market value of $1679.91B, Satoshi Nakamoto’s assets account for about 6.8% of the total global Bitcoin market capitalization.

And none of these coins have been moved.

In the past 15 years, there has been no transfer, no consumption, and no cash. These coins are like being frozen at that moment of Genesis, waiting for what – no one knows.

This silence itself says a lot.

One person, or a team?

There are two theories about Satoshi Nakamoto’s identity.

Evidence in favor of “monolithic”:

• Writing style is highly consistent
• Unified specifications for developing accounts
• Email correspondence is logical and full of speculation

Clues to support “team crime”:

• Active time spans multiple time zones, making it difficult to be the same person’s schedule
• Extremely fast programming speed and zero flaws in English expression, such a combination of talents is rare

The truth is still shrouded in fog.

Five “suspect” files

Speculation surrounding Satoshi Nakamoto’s identity has led to the emergence of several candidates in the cryptography and cryptocurrency community.

Hal Finney – The First Believer

Famous cryptographer, the first recipient in the history of Bitcoin. Interestingly, he lives in Los Angeles, close to another namesake, Dorian Nakamoto. In 2014, Hal Finney died of ALS (ALS). Some people think he is Satoshi Nakamoto, while others say that he was just the earliest helper.

Nick Szabo - Father of Bit Gold

In 2005, Nick Szabo created “Bit Gold,” widely considered the prototype of Bitcoin. He has a cross-border background in law, economics, and technology. Most importantly, his writing style is highly similar to Satoshi Nakamoto.

But strangely, Nick Szabo remained silent during early discussions on Bitcoin forums. This silence itself is full of conjectures.

Adam Back – Inventor of Hashcash

Hashcash is the predecessor to the proof-of-work mechanism, which Satoshi Nakamoto explicitly references in his Bitcoin whitepaper. Adam Back is a veteran cypherpunk who has been involved in cryptography for decades. His British English spelling is consistent with Satoshi Nakamoto’s writing style. He is still active in the cryptocurrency industry today.

Elon Musk – Designated Person

In 2017, a former SpaceX intern publicly identified Elon Musk as Satoshi Nakamoto. The reason is: he founded PayPal, has strong engineering thinking and business acumen, and has unquestionable technical strength.

But Musk quickly denied the accusation, responding in two words: “Not true.” "

Craig Wright – Self-proclaimer

Craig Wright has been outspoken about his identity as Satoshi Nakamoto. He went to court to defend his identity, but he always refused to digitally sign with Satoshi Nakamoto’s private key — something that could have proved everything in a second. The developer community is generally skeptical of his claims.

There is also a more conspiratorial theory:The NSA designed Bitcoin。 The reason is that Bitcoin’s core encryption algorithm, SHA-256, was designed by the NSA and was launched just after the 2008 financial crisis. But this theory lacks evidence and goes against the core ethos of Bitcoin’s “decentralization”.

Why Satoshi Nakamoto’s retirement proves the greatness of Bitcoin

The answer to this question is perhaps the most intriguing:

Satoshi Nakamoto gave the world a set of codes, and then disappeared completely. He did not pursue fame, did not cash out for profit, and did not grasp power.

What does this really mean?

Perhaps, this is precisely the greatest thing about Bitcoin - it exists without any founder at all.

It doesn’t depend on who Satoshi Nakamoto is, nor does it depend on whether he is alive or dead. The foundation of Bitcoin is:Math, open source code, and a global community。 This is why it cannot be destroyed and controlled.

For 15 years, $114 billion in assets have slept and seemed to tell a truth: truly great creations do not need the name of the creator.

And Satoshi Nakamoto’s retirement has become the best proof.