New Satoshi Nakamoto Theory Suggests ‘2010 Megawhale’ Could Be the Creator All Along

A fresh theory has emerged around the mysterious identity of Bitcoin's creator, Satoshi Nakamoto. According to researchers at BTCparser, Nakamoto may not have gone dormant as commonly believed but has instead been quietly liquidating a stash of early Bitcoin since 2019. This new theory centers on a group of wallets created in 2010, each containing 50 Bitcoin, which remained untouched until they were first accessed in November 2019.

The "2010 Megawhale" Theory

BTCparser's Nov. 19 post introduces the possibility that Satoshi Nakamoto is behind these 2010 wallets, which they have dubbed the "2010 megawhale." The theory posits that Nakamoto strategically avoided moving the coins from the original 2009 wallets to prevent drawing attention while slowly selling from the 2010 wallets, starting in 2019. This calculated approach would allow Nakamoto to cash out Bitcoin without compromising their identity.

"If Satoshi has access to a treasure trove of coins minted in 2010, there’s no need to touch the original 2009 wallets," the researchers noted. "Using the later coins helps maintain privacy, avoids drawing attention to the original stash, and reduces the risk of revealing Satoshi's identity."

How the Funds Were Liquidated

BTCparser details the method behind the sales of Bitcoin from these 2010 wallets. The funds were first pooled into a single P2SH (Pay-to-Script-Hash) address—typically used for escrow purposes—before being sent to multiple bech32 addresses, which are known for low transaction fees and efficient use of block space.

The first notable sale took place in November 2019, amounting to approximately $5 million worth of Bitcoin. The subsequent sales occurred in March and October 2020, valued between $6 million to $8 million and $11 million to $13 million, respectively. Most recently, a massive sale of $176 million occurred on November 15, 2024.

BTCparser suggests that the increasing sale volumes align with Bitcoin's rising value, indicating that the seller—likely the "2010 megawhale"—has been strategically cashing out over time.

Coinbase’s Role and the Potential Identity of the Seller

BTCparser speculates that Coinbase, the exchange where these transactions were deposited, might have more information about the person or entity behind these trades, assuming the whale is not using intermediaries to execute the sales.

This new theory comes amid ongoing speculation about the true identity of Satoshi Nakamoto. Over the years, various figures such as Nick Szabo, Adam Back, and Hal Finney have been rumored to be the creator of Bitcoin. However, all three have denied these claims. The mystery surrounding Nakamoto deepened further in October when a controversial HBO documentary suggested that Bitcoin cypherpunk Peter Todd could be the creator. Todd vehemently refuted these claims, as did the other figures previously tied to Satoshi.

A Calculated Approach to Privacy

The theory proposed by BTCparser paints a picture of Satoshi as a meticulous creator who has carefully orchestrated their exit from the Bitcoin ecosystem to preserve anonymity. By focusing on the 2010 wallets—rather than the original 2009 coins—Satoshi may have been executing a long-term strategy to avoid revealing their identity while still reaping the rewards of Bitcoin’s growth.

While this remains purely speculative, the "2010 megawhale" theory adds a new layer to the ongoing intrigue surrounding Bitcoin's origins and its creator. Whether this theory proves to be true or not, it underscores the enduring mystery of Satoshi Nakamoto and the profound impact their creation continues to have on the world.