A recent investigation published by The New York Times has identified Adam Back, co-founder and CEO of Blockstream, as a potential candidate for the identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The report, authored by John Carreyrou, presents various points of circumstantial evidence, including similarities in writing style and overlaps in online activity.
Back has consistently denied these claims, stating that the findings are based on coincidences and shared professional experiences.
The New York Times Investigation
Reporter John Carreyrou conducted a year-long investigation into the identity of Satoshi Nakamoto.
Methodology and Stylometric Analysis
The investigation's methodology involved several key steps:
- Analyzing email archives from three cryptography listservs active between 1992 and 2008, a period during which Satoshi Nakamoto was also active.
- Utilizing artificial intelligence (AI) and stylometry software to identify common writing patterns and stylistic traits between Satoshi Nakamoto and other participants. AI analysis identified Adam Back as the closest match for Satoshi Nakamoto's writing style.
- Examining emails Satoshi Nakamoto sent to Finnish programmer Martti Malmi, which were released during a civil trial.
- Carreyrou performed his own analysis of writing styles, noting shared writing characteristics. A forensic linguistics expert confirmed the relevance of these observed patterns for author identification.
Key Writing Patterns Identified
The investigation noted specific writing patterns attributed to Satoshi Nakamoto, including omitting hyphens in compound nouns, occasional confusion between 'its' and 'it’s', and alternating British and American spellings.
Points Suggesting Adam Back's Potential Identity
The report cited several points suggesting Adam Back's potential identity as Satoshi Nakamoto:
- Back's prior work on Hashcash, a proof-of-work system he created in 1997, which Satoshi Nakamoto later utilized for Bitcoin mining.
- Similar phrasing, spelling, and grammar patterns observed in early online forum posts attributed to Back and Satoshi.
- Overlapping timelines of online activity, including Back's reduced forum participation during Satoshi's frequent online posting (approximately two and a half years) and his reappearance shortly after Satoshi ceased communication in 2011.
- Back reportedly outlined features resembling Bitcoin in emails a decade before Nakamoto's emergence.
- Satoshi Nakamoto is widely believed to have been a member of the Cypherpunks, an early 1990s movement focused on cryptography and electronic payment systems, a group Back identifies with.
- Back was among a group of Cypherpunks who discussed using "b-money" for anonymizing user accounts, an idea Nakamoto reportedly combined with Hashcash.
- Both Back and Nakamoto expressed concern over the shutdown of Napster, a peer-to-peer music sharing software.
- Back expressed interest in Japan after a Japanese Cypherpunk informed him about the country's first remailer, while Satoshi used an anonymous web hosting service with a Tokyo address.
The investigation's conclusion noted that it did not yield undeniable evidence to conclusively identify Adam Back as Satoshi Nakamoto, leaving the mystery unresolved.
Adam Back's Denials and Response
Adam Back, 55, co-founder and CEO of Blockstream and a cryptographer, has consistently denied being Satoshi Nakamoto over the years.
He reiterated his denial in the New York Times article, stating, "Ultimately, it doesn't prove anything. And I will reassure you, it's really not me."
On the social media platform X, Back stated, "I'm not satoshi," and attributed the findings to "a combination of coincidence and similar phrases from people with similar experience and interests." He identified himself as one of several developers who were close to developing a system similar to Bitcoin.
Back acknowledged to Carreyrou that he fits the profile of a "fifty-something-year-old British cypherpunk," a demographic he believes Satoshi Nakamoto likely belongs to. He also stated on X that he does not know who Satoshi is and believes it is "good for bitcoin that this is the case, as it helps bitcoin be viewed a new asset class, the mathematically scarce digital commodity."
Blockstream, the company Back co-founded, issued a statement asserting that the New York Times story relies on "circumstantial interpretation of select details and speculation," rather than "definitive cryptographic proof," and reaffirmed Dr. Back's consistent denials.
Broader Context and Previous Theories
The identity of the individual or group behind Bitcoin's creation, outlined in a 2008 white paper, has remained unconfirmed for 17 years. The cryptocurrency community generally maintains that the founder's identity, even if confirmed, would have minimal financial impact on Bitcoin's fundamentals, given its independent operation for over a decade. Many in the community believe it is beneficial for Bitcoin's decentralized nature that the founder's identity remains unknown.
The New York Times investigation is one of several attempts to identify Satoshi Nakamoto. Previous individuals considered plausible candidates include computer scientists Hal Finney and Nick Szabo. The 2024 HBO documentary "Money Electric: The Bitcoin Mystery" previously identified developer Peter Todd as a potential creator.
Market Reaction
On Wednesday, following the publication of the New York Times report, the price of Bitcoin increased by 4.4% to $71,732.79. This increase occurred as part of a wider market relief rally, which was linked to a U.S.-Iran ceasefire.