The New York Times names a possible creator of Bitcoin: Who is behind the pseudonym Satoshi Nakamoto?

The New York Times has published a large-scale investigative report claiming that the person behind the pseudonym Satoshi Nakamoto may be British cryptographer Adam Back, co-founder of Blockstream.

The Main Candidate — Adam Back

Journalist John Carreyrou conducted a detailed analysis of more than 130,000 messages from early cypherpunk mailing lists, in which both Satoshi Nakamoto and Adam Back participated. By comparing writing style, spelling, word choice, and other linguistic features, the author of the investigation significantly narrowed the circle of suspects and ultimately concluded that Back is the most likely creator of Bitcoin.

Adam Back has long been considered one of the leading candidates for the role of Satoshi. As early as 1997, he described key principles that later formed the foundation of the first cryptocurrency: a decentralized network, limited issuance, independence from banks, and a high level of privacy. In addition, Back developed the Hashcash system — a proof-of-work mechanism that Satoshi directly mentioned in the Bitcoin white paper.

Adam Back has consistently and firmly denied any involvement in the creation of Bitcoin. He did not respond to numerous inquiries from The New York Times journalist.

Previous Theories and New Details

In 2024, the Money Electric: The Bitcoin Mystery documentary named developer Peter Todd as the creator of Bitcoin. Notably, Todd and Back are well acquainted and even appeared together in the film, where both confidently denied being Satoshi.

Over the 17 years of Bitcoin’s existence, many candidates have been proposed — from Hal Finney and Nick Szabo to Japanese engineer Dorian Nakamoto. However, none of these theories has ever been conclusively confirmed. Satoshi Nakamoto last communicated publicly in 2011.

What Is Known About Satoshi’s Wallets

It is believed that Satoshi Nakamoto owns approximately 1.1 million bitcoins (more than 5% of the total supply). The coins in these wallets have remained untouched for many years. In contrast, Adam Back sold part of his own bitcoins in the summer of 2025.

In Brief

The New York Times, in a detailed investigation, identified British cryptographer and Blockstream co-founder Adam Back as the most likely creator of Bitcoin operating under the pseudonym Satoshi Nakamoto. Journalist John Carreyrou reached this conclusion after analyzing the style and content of thousands of messages from early crypto mailing lists, as well as comparing ideas that Back had expressed as early as 1997. Back continues to deny any involvement. None of the previous theories — including the recent suggestion involving Peter Todd — has ever been proven. The mystery of Satoshi Nakamoto’s identity remains one of the most intriguing puzzles of the digital age.