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Questions about the fate of Bitcoin’s mysterious creator, Satoshi Nakamoto, have resurfaced as speculation grows over whether the keys to an estimated $70 billion fortune are permanently lost.
The renewed debate follows a Wednesday exposé by The New York Times suggesting that Adam Back is the most likely individual behind the Satoshi Nakamoto pseudonym.
John Carreyrou, a two-time Pulitzer Prize-winning journalist, said he reached the conclusion after an 18-month investigation, citing grammatical analysis, background research, and in-person interviews.
Back rejected the claim in a post on X, writing, “I am not Satoshi,” and describing the report as “a combination of coincidence and similar phrasing from people with similar experiences and interests.”
Online commentators quickly challenged the identification, pointing to Back’s current financial behavior as inconsistent with what would be expected if he controlled Satoshi’s holdings.
Satoshi’s Genesis wallets are estimated to hold around 1.1 million Bitcoin—more than 5% of the total 21 million supply—valued at roughly $70 billion at current market prices.
Jared Polis highlighted the apparent mismatch on X, saying Back “doesn’t seem to show in any way that he is worth $70 billion; in fact, he seems to be hustling and scrapping together funds from VCs for his company.”
Political commentator Josh Barro proposed a hypothetical explanation for the discrepancy, suggesting: “What if he is Satoshi Nakamoto but also lost the keys, a super embarrassing fact he doesn’t want to admit?”
David Schwartz did not endorse the claim that Back is Satoshi, but he agreed with the broader premise, remarking that “It does seem likely that whoever Satoshi Nakamoto is or was, nobody alive today has access to the keys.”
Satoshi has not been publicly heard from since sending an email on April 26, 2011.

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