The mystery surrounding the identity of Satoshi Nakamoto, the enigmatic creator of Bitcoin, has once again captured the attention of the crypto community. This time, the debate has been reignited by the premiere of HBO’s documentary “Money Electric: The Bitcoin Mystery”, which aired on October 8, 2024.
In this 100-minute film, director Cullen Hoback puts forward a bold theory: Satoshi Nakamoto, the pseudonym of the creator of the first cryptocurrency, may actually belong to Canadian software developer Peter Todd.
Source: x.com/peterktodd
So, is Peter Todd the elusive Satoshi Nakamoto? Could the creator of the first cryptocurrency have been a known figure in the blockchain world all along? Let’s examine the available evidence and arguments to bring us closer to solving one of the greatest mysteries of the digital age.
It is widely known that Nakamoto is the author of the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”, published in October 2008, and made the first public online post about cryptocurrency on the P2P Foundation forum in February 2009. However, since 2011, Satoshi has completely vanished from the online space, making it even more difficult to determine their identity.
It’s worth noting that Satoshi’s wallets currently hold over 1.1 million bitcoins, equivalent to approximately $69 billion at the current exchange rate. Any transaction from these wallets could significantly impact the cryptocurrency market, yet they have remained dormant for many years.
Is Satoshi Nakamoto a Real Person?
Over the past 13 years, numerous theories have been proposed to uncover Satoshi Nakamoto’s identity. Among the most prominent candidates were physicist Dorian Nakamoto, cryptographer Nick Szabo, and Australian Craig Wright, though the latter’s claim was later dismissed by a British court.
Director Cullen Hoback claims to have spent years studying various theories before settling on Todd as the prime candidate. He argues that Todd’s level of knowledge and skills aligns with what would be required to create Bitcoin. Hoback bases his assumptions on several indirect pieces of evidence, including posts from the old Bitcoiner forum.
With this new theory, the identity of Satoshi Nakamoto remains as intriguing as ever, with more questions emerging as the mystery continues to unfold.
The main evidence in the film is Todd’s comment under a 2010 post by Satoshi, where he allegedly completed the Bitcoin creator’s thought. The filmmakers suggest that Todd may have forgotten to switch accounts, after which both profiles became inactive.
Peter Todd Denies the Allegation: “I Am Not Satoshi Nakamoto”
Peter Todd’s reaction to Cullen Hoback’s documentary was sharply negative. As reported by CoinDesk, Todd vehemently rejected the director’s suggestion that he could be the mysterious creator of Bitcoin.
While Todd confirmed that he participated in an interview for the film, he emphasized that his statements were taken out of context. He stated:
Yes, that interview did happen, and I believe that particular footage is not a deepfake,
Todd said regarding the fragment where he allegedly confesses to being Satoshi Nakamoto.
Todd did not hide his frustration, stating:
Of course, I am not Satoshi. Ironically, the director, who is known for his film about QAnon, is now resorting to conspiracy theories himself, based on mere coincidences.
Todd’s concerns went beyond mere denial. He described the film as “irresponsible,” stressing the potential threat to his safety. Moreover, the developer announced his intention to file a lawsuit against HBO.
Who is Peter Todd?
The journey of Canadian developer and cryptographer Peter Todd began in his teenage years, long before digital currencies became mainstream. At 15, Todd was already communicating with future Bitcoin pioneers like Hal Finney and Adam Back, laying the foundation for his future career.
Todd’s professional career started in 2001 at Starnix, where he worked on Linux system support. In 2008, when Bitcoin’s white paper was released to the public, Todd joined Gedex Inc. as an electronics designer.
Since 2014, he has been working as a Bitcoin Core developer at Coinkite, focusing on improving and securing the key software for the Bitcoin network. However, Todd’s activities are not limited to Bitcoin alone.
He was actively involved in various blockchain projects, holding leadership positions in Mastercoin and Dark Wallet — an open-source Bitcoin wallet aimed at enhancing transaction anonymity. In 2015, Todd joined the board of Verisart as an advisor, working on the development of a platform for digital collectibles.
One of Todd’s most intriguing projects is OpenTimestamps, an initiative that offers a decentralized timestamping service, demonstrating his broader vision of applying blockchain technology beyond the cryptocurrency industry. Moreover, in 2016, Todd participated in setting up cryptographic keys for the Zcash project, which focuses on protecting user privacy.
Today, Peter Todd works as an independent consultant in applied cryptography, collaborating with various Bitcoin startups. His expertise spans a wide range of issues — from blockchain network scalability to ensuring transaction security. In addition, he actively engages in educational initiatives aimed at raising blockchain awareness among a broader audience.
Peter Todd and Ukraine
Peter Todd has visited Ukraine several times and actively supports the Ukrainian crypto community. As Todd himself mentioned on X, in September 2024, he spoke to Ukrainian Bitcoin enthusiasts in Kyiv during his visit to Ukraine. He also participated in public discussions with renowned Ukrainian developer Gleb Naumenko at the “Follow Bitcoin” event, organized by Bitcoin Magazine Ukraine. Todd’s frequent visits and close collaboration with Ukrainian crypto enthusiasts highlight his interest in the development of the blockchain industry in Ukraine, which is showing significant progress. This is unsurprising, given that, according to a recent study by Gradus Research, commissioned by one of the largest European crypto exchanges, WhiteBIT, one in four Ukrainians owns cryptocurrency, reflecting the high popularity of digital assets in the country.
Todd does not limit himself to the technical aspects of cryptocurrencies but actively supports Ukraine during these difficult times. His open stance against Russian aggression and his calls to support Ukraine have resonated with the crypto community. Todd’s statement,
If I had 1 million bitcoins — Ukraine would have a lot more drones,
has become a sort of manifesto of his support. Moreover, he personally visited Ukraine during the full-scale invasion, demonstrating his solidarity not only through words but also through action:
That month, Shahed drones flew very close to my Airbnb several times, and I was also within 2–3 km of explosions during air raids a few times. It’s safe to say there was a non-zero probability that Russia’s genocidal war could have killed me.
Source: x.com/peterktodd
The HBO documentary, dedicated to Satoshi Nakamoto’s identity, has certainly drawn attention to Peter Todd. However, despite the speculation, no convincing evidence has been provided linking him to the creation of Bitcoin. This situation further underscores the enduring intrigue surrounding the identity of the first cryptocurrency’s creator.
At the same time, the discussion surrounding the film has highlighted Peter Todd’s significant contributions to the development of cryptocurrency technologies and his important role in the global blockchain community. Particularly noteworthy is his focus on Ukraine.
We are grateful to Peter Todd for his willingness to share his knowledge with the Ukrainian audience and for his unwavering support. His efforts not only contribute to the development of the crypto industry in our country but also strengthen the international ties of the Ukrainian tech community, which is especially important in today’s conditions.
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