Satoshi Now in Dilemma to Reveal Identity or Break Law: Legal Expert

Last Updated:
Satoshi Now in Dilemma to Reveal Identity or Break Law: Legal Expert
  • The crypto community is abuzz as over $1.1 million in Bitcoin moves to Satoshi’s wallet.
  • A legal expert speculated the transaction was an attempt to lure Satoshi into revealing their identity. 
  • This theory is grounded in a new rule mandating reporting crypto receipts exceeding $10,000.

The crypto community has been abuzz amid mysterious movements of Bitcoin (BTC) valued in multi-million dollars from centralized crypto exchanges within the last 24 hours to external addresses. 

The trend gained traction when participants in the crypto market observed a notable withdrawal of 27 BTC, equivalent to over $1.1 million, from the Binance exchange. Interestingly, the funds were moved to a wallet associated with Satoshi Nakamoto.

Transaction details | On-chain data

Notably, the funds moved to the wallet of the pseudonymous founders of Bitcoin come amid the crypto community marking the 15th anniversary of Satoshi Nakamoto mining the genesis block of Bitcoin. 

This new development elicited varying suggestions from the community, including speculations that the pseudonymous individual or group is back. An X user expressed that if even a single Bitcoin is withdrawn from the wallet, the enigma surrounding Satoshi Nakamoto’s identity would be shattered.

Similarly, prominent pro-crypto attorney Jeremy Hogan speculated that the most plausible explanation for the transaction is an attempt to lure Satoshi Nakamoto into revealing their identity. 

This theory is grounded in a new regulation, which mandates reporting any crypto receipt exceeding $10,000. Thus, Hogan suggested that Satoshi is now faced with the dilemma of either disclosing their identity or violating the law.

Following the substantial transfer of over $1.1 million to Satoshi’s wallet from Binance, a parallel trend of Bitcoin outflows has emerged on various exchanges, including the U.S.-based platform Kraken. 

Whale Alert: BTC moved from Kraken

Notably, Whale Alert, an automated system that monitors significant crypto transactions, has documented a least 20,000 BTC exited Kraken within the last 24 hours. The movements occurred in at least 40 transactions.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.