Coinbase Director Suggests Satoshi Nakamoto Remained Active Onchain Until 2014
Coinbase director Conor Grogan has presented evidence that Bitcoin’s pseudonymous creator, Satoshi Nakamoto, may have been active on the blockchain as late as 2014. Grogan claims to have identified a series of “Patoshi Pattern” Bitcoin addresses that he believes are linked to Nakamoto, sparking renewed interest and debate within the cryptocurrency community.
Grogan’s analysis centers on blockchain data recently cataloged by analytics firm Arkham. While the identified addresses cannot conclusively be tied to Nakamoto, Grogan stated on social platform X that “there is good evidence” they may belong to the Bitcoin creator. These addresses have been observed making outbound transactions, with one destination address—beginning with “1PYYj”—receiving funds from multiple sources, including the Canadian exchange CaVirtEx. Grogan noted this as the first documented onchain connection between a wallet linked to Satoshi and a centralized exchange.
The discussion comes amid longstanding debates about Nakamoto’s identity and activity. His final known communication, an email sent in April 2011 to developer Mike Hearn stating, “I’ve moved on to other things. It’s in good hands with Gavin and everyone,” marked his departure from the project. Some speculate his withdrawal was simply a choice for continued anonymity, while others suggest that his sudden exit could hint at other underlying circumstances.
Researchers have long studied Nakamoto’s mining behavior. Early Bitcoin blocks exhibit a distinctive “Patoshi Pattern” that some believe was used by Nakamoto to avoid mining consecutive blocks and thereby help maintain network decentralization. While Grogan supports the link between this pattern and Nakamoto, experts remain divided on the precise estimation of his holdings, with figures ranging from 600,000 to as high as 1.5 million BTC. Grogan himself has noted that Nakamoto’s estimated 1.1 million BTC would, on paper, place him among the wealthiest individuals in the world.
The analysis also touches on potential connections between early Bitcoin addresses and prominent cryptocurrency entities. Grogan’s research highlights the association between the “1PYYj” address and another well-known address, “12ib7,” which currently holds about $3 billion in Bitcoin. This connection further fuels speculation that early adopters or contributors might be linked to Nakamoto’s network of addresses.
In a related development, an HBO documentary titled Money Electric had earlier suggested that Canadian developer Peter Todd might be Nakamoto. Todd quickly denied any such connection, and critics pointed out discrepancies that undercut the documentary’s claim. Additionally, Grogan speculated that Kraken, the crypto exchange that acquired CaVirtEx in 2016, might hold KYC data that could shed further light on Nakamoto’s identity. Kraken’s co-founder Jesse Powell and the company have not confirmed any knowledge of the creator’s true identity. Responding to Grogan’s findings, Kraken’s official X account remarked, “We are all Satoshi.”
Grogan emphasized that the evidence strengthens the view that Nakamoto is no longer actively managing his coins, noting that the lack of movement in these wallets through 2014 is “very bullish.” His comments come shortly after he identified 430 BTC associated with Silk Road founder Ross Ulbricht—coins that had remained untouched for 13 years.
As the debate over Nakamoto’s identity and activities continues, Grogan’s research adds a fresh perspective to longstanding questions about the enigmatic founder of Bitcoin. The cryptocurrency community remains keenly interested in any further evidence that might finally unravel the mystery surrounding one of the digital age’s most legendary figures.