Key dealers
- Coinbase Exec Conor Grogan found a potential link between early Bitcoin wallets and a Canadian exchange that has now been acquired by the Kraken.
- Research proposes that Satoshi owns 1,096 million BTC and last showed activity on the chain 2014.
Just a few months after HBO floated Peter Todd’s name as SatoshiCoinbase’s Conor Grogan has lost new results that indicate a possible link between Bitcoin’s creator and the leading crypto change Kraken.
Groggan’s analysis examines a set of addresses showing “Patoshi mining patterns”, recently cataloged by Arkham Intelligence. He suggests strong, but not definitive, proof of a link to Satoshi.
I went through Satoshi Nakamoto’s wallets; Thread of new results that I do not believe have been reported including:
-My best guess is that Satoshi was last active onchain 2014
-He may have used a Canadian BTC exchange (!)
-The craze may know Satoshi’s identity pic.twitter.com/ajd2a73fm8– Conor (@jconorgrogan) February 5, 2025
For context, “Patoshi Mining pattern” refers to a unique and identifiable pattern in the early Bitcoin -Blockchain data believed to be associated with Satoshi. Satoshi was probably one of the foremost miners, if not the sole, during this period. The pattern was was first discovered and analyzed by security researcher Sergio Demian Lerner.
Analyze mining custody rates, Grogan estimates SATOSHI controls approximately 1,096 million BTC, a sum worth over $ 108 billion. This would place Satoshi’s wealth, on paper, far beyond figures like Bill Gates.
Grogan found that these addresses sent out 24 Bitcoin transactions, with the most common destination was an address labeled “1pyyj.” 1pyyj address also received Bitcoin from Cavirtex, a Canadian exchange Acquired by the Kraken In early 2016.
Grogan speculates that Kraken’s co-founder Jesse Powell may have access to information about Satoshi’s identity through Cavirtex’s Know-eour-Customer (KYC) register.
“My advice to him would be to remove the information,” he wrote.
The Kraken’s X account responded to Grogan’s research with the comment “We are all Satoshi”, although Powell has not yet issued a statement.
The 1pyyj address is linked to an address starting with “12IB”, one of Bitcoin’s largest active addresses that currently have $ 3 billion in BTC, according to Grogan.
“This gives faith to the link that 1py was associated with Satoshi or a very early adopter/contributor,” Grogan said.
Controversial results
Grog’s analysis met with skepticism. Many members of the Krypto community pointed out that it is unlikely that the Kraken would have any items linked to Satoshi. During the early days of cryptout exchanges, the KYC regulations were much less strict than they are today.
“It is unlikely that the Kraken would know who is behind the wallets. In addition, you do not need KYC to send to a wallet parked on an exchange, ”suggested an X user.
Some noted that Bitcoin transactions could pass through several hands. Someone could have received Bitcoin from Cavirtex and then sent it to the suspected Satoshi-controlled wallets.
“Why would (Satoshi) send BTC from a CEX to their addresses on the chain? Could it not have been a random person? “A user questioned.
In response to a request not to publish research on Satoshi’s identity because it could harm the industry, Grogan said he really saw it as positive news.
“This research gives me more confidence that these coins are not moving and Satoshi is no longer active,” he claimed. “No movement in any connected wallets until 2014 is very hooked!”
