Key Takeaways
Coinbase executive Conor Grogan has discovered a potential connection between early Bitcoin wallets and a Canadian exchange that has since been acquired by Kraken.
Research indicates that Satoshi Nakamoto owns 1.096 million BTC and last engaged in on-chain activity in 2014.
Following previous speculation about Peter Todd being Satoshi, Conor Grogan of Coinbase has revealed new findings that suggest a possible link between Bitcoin’s creator and prominent cryptocurrency exchange Kraken.
Grogan’s analysis focuses on a group of addresses displaying the “Patoshi Mining Pattern,” recently identified by Arkham Intelligence. He presents strong, although not definitive, evidence of a connection to Satoshi.
“I examined Satoshi Nakamoto’s wallets and found new information that has not been previously reported, including:
– My best estimation is that Satoshi was last active on the blockchain in 2014.
– He may have utilized a Canadian BTC exchange!
– Kraken may have knowledge of Satoshi’s identity.pic.twitter.com/ajD2A73fm8
— Conor (@jconorgrogan) February 5, 2025”
For context, the “Patoshi Mining Pattern” refers to a distinct and recognizable pattern in the early Bitcoin blockchain data, believed to be associated with Satoshi. Satoshi was likely one of the primary, if not the sole, miners during that time. Security researcher Sergio Demian Lerner initially discovered and analyzed this pattern.
Based on an examination of the addresses displaying the mining pattern, Grogan estimates that Satoshi controls approximately 1.096 million BTC, which is valued at over $108 billion. This would place Satoshi’s wealth, on paper, well above that of individuals like Bill Gates.
Grogan discovered that these addresses conducted 24 Bitcoin transactions, with the most common destination being an address labeled “1PYYj.” The 1PYYj address also received Bitcoin from CaVirtEx, a Canadian exchange that was acquired by Kraken in early 2016.
Grogan speculates that Jesse Powell, co-founder of Kraken, may have access to information about Satoshi’s identity through CaVirtEx’s know-your-customer (KYC) records.
“My advice to him would be to delete the data,” Grogan wrote.
Kraken’s X account responded to Grogan’s research with the comment, “We are all Satoshi,” though Powell has yet to release a statement.
The 1PYYj address is linked to an address starting with “12ib,” which is currently one of Bitcoin’s largest active addresses and holds $3 billion in BTC, according to Grogan.
“This adds credibility to the connection between 1PY and Satoshi or a very early adopter/contributor,” Grogan stated.
Controversial findings
Grogan’s analysis has been met with skepticism. Many members of the cryptocurrency community pointed out that it is unlikely for Kraken to have any records associated with Satoshi. In the early days of cryptocurrency exchanges, KYC regulations were not as strict as they are today.
“It is unlikely that Kraken would know who is behind the wallets. Additionally, you do not need KYC to send to a wallet held on an exchange,” suggested one user.
Some individuals noted that Bitcoin transactions can go through multiple hands. It is possible that someone received Bitcoin from CaVirtEx and then sent it to the wallets believed to be controlled by Satoshi.
“Why would Satoshi send BTC from a centralized exchange to his on-chain addresses? Could it not have been a random person?” questioned one user.
In response to a request not to publish research on Satoshi’s identity as it may harm the industry, Grogan stated that he sees it as positive news.
“This research gives me MORE confidence that these coins aren’t moving and Satoshi is no longer active,” he emphasized. “The lack of movement in any connected wallets since 2014 is very bullish!”
