Dorian Nakamoto: The Man Misidentified as Satoshi Who Got $7M in Bitcoin

Dorian Nakamoto became Bitcoin’s accidental mascot after Newsweek wrongly identified him as Satoshi in 2014. The community raised 49 BTC ($30,000 then, $7.5M today) as apology. Dorian Nakamoto, whose birth name is Satoshi Nakamoto, later denied Bitcoin involvement, yet his image endures in crypto culture.

The Newsweek Mistake That Changed Everything

On March 6, 2014, Newsweek ignited a media frenzy with “The Face Behind Bitcoin,” where journalist Leah McGrath Goodman detailed months-long investigation into Bitcoin’s creator. Earlier attempts considered the Nakamoto name a pseudonym. Goodman instead searched for Satoshis hiding in plain sight, eventually finding Dorian Nakamoto in a database for naturalized US citizens.

Dorian Nakamoto’s profile matched someone who might’ve created Bitcoin: a brilliant, “obsessively private” physicist and engineer who boasted keen interest in politics alongside deep distrust of banks and government constructs. Dorian, a Japan-born descendent of Samurai on his mother’s side and son of a priest on his father’s side, hadn’t used his Satoshi birth name for 40 years, having legally changed it at age 23. He’d signed his name “Dorian S. Nakamoto” ever since.

When Goodman approached Dorian Nakamoto outside his home in southern California—after emails between them had gone dark—he soon called the police. That Temple City home, by coincidence, was situated just a few blocks away from Hal Finney’s residence, Bitcoin’s first recipient of a transaction from Satoshi Nakamoto.

Dorian Nakamoto spent much of his career working on classified projects for major corporations and the US military. Per Newsweek’s report, Dorian Nakamoto believed he would get into trouble if he spoke with Goodman. Before being shooed away, Dorian responded to a question about Bitcoin: “I am no longer involved in that and I cannot discuss it. It’s been turned over to other people. They are in charge of it now. I no longer have any connection.”

Confusingly, this tracks with what the real Satoshi might say—resulting in Newsweek running the piece as cover story erroneously outing Dorian Nakamoto as Bitcoin’s inventor. Dorian later explained he thought Goodman was asking about his previous work with Citibank, not cryptocurrency.

The Media Circus and Privacy Violation

The story sparked unprecedented media frenzy. Silk Road had just been shut down by FBI in months prior, and bitcoin was retracing from monster all-time high of $1,242 after rallying 10,000% in one year. Newsweek had effectively published the exact location of Dorian Nakamoto’s house, leading to uncomfortable scenes.

The media mobbed Dorian Nakamoto for days, leaving iconic photos of reporters chasing him around his neighborhood and across LA. These images became symbolic of mainstream media’s invasive approach to crypto stories and journalism’s willingness to sacrifice individual privacy for headlines.

Amid the chaos, Dorian Nakamoto lined up sit-down conference with Associated Press at their offices over free sushi lunch with “lots of expensive varieties,” where he explained the confusion and formally denied anything to do with Bitcoin. In written statement, Dorian Nakamoto expressed difficulty finding steady work as engineer or programmer, and that prospects for gainful employment had been harmed due to Newsweek’s article. He’d even recently cut off internet service “due to severe financial distress,” having been recovering from prostate surgery and stroke at the time.

Bitcoin Community’s $7.5 Million Apology

The Bitcoin community rallied fast around Dorian Nakamoto, who initially pledged to sue Newsweek over the ordeal. Within the same week, advocate Andreas Antonopoulos announced BTC fundraiser on Reddit as “sorry for what happened to you.” Antonopoulus successfully made contact with Dorian Nakamoto and delivered control of funds in person.

More than 49 BTC flowed into the donation wallet—a vanity address starting with “1Dorian”—over the next two months, worth around $30,000 at the time. The chain shows almost a third was then directed to an in-between address before being forwarded to Coinbase starting in June 2014. Another 17.5 BTC was sent to 1Dorian in December 2015, and remaining bitcoin made its way to Coinbase in similar manner in mid-2017.

A separate auction for artwork using Dorian Nakamoto’s likeness, a cryptograffiti piece made entirely of repurposed credit cards, later raised another 17.3 BTC ($5,500 at the time) for Dorian. Combined with the Antonopoulos fundraiser, the BTC donations would be valued at about $7.5 million today, though it’s unclear how long Dorian Nakamoto held them.

Donation Timeline

March 2014: 49 BTC raised via Andreas Antonopoulos Reddit campaign

December 2015: Additional 17.5 BTC sent to 1Dorian address

2014 Value: Approximately $30,000

2024 Peak Value: Over $7 million

Cryptograffiti Auction: Additional 17.3 BTC from artwork sales

Antonopoulos initially said bitcoin would be sold for US dollars to be given to Dorian Nakamoto, while Dorian in Reddit AMA in late 2015 said that he “didn’t sell” and planned to use funds “as required.” This suggests Dorian Nakamoto may have benefited from bitcoin’s subsequent price appreciation, though exact holdings remain private.

How Dorian Became Bitcoin’s Unofficial Mascot

Dorian Nakamoto ironically became the de facto face for Satoshi over the next five years or so, spawning memes, t-shirts, and other art. Perhaps it had something to do with Dorian Nakamoto’s embracing of Bitcoin community after media had caused so much trouble, even attending conferences here and there.

Dorian Nakamoto kept up his friendship with artist cryptograffiti for years, signing prints as recently as August 2022. Cryptograffiti stated: “Dorian is doing well. He’s trying to stay out of the public eye due to his unwanted celebrity.” Or maybe it was his insightful Reddit comments about modern society and the economy, as well as thoughtful reflections on Bitcoin development—some so poignant they might have well come from Bitcoin’s creator himself.

It’s often said that we’re all Satoshi. Dorian Nakamoto showed us how true that statement really is, only that clearly, some are more Satoshi than others. Today, Dorian Nakamoto’s lasting scowl has been embraced in Bitcoin’s sprawling meme-o-sphere, recast as talisman for the disdain Bitcoin users still feel for media and non-believers.

Other Satoshi Nakamoto Candidates: Craig Wright, Nick Szabo, Peter Todd

While Dorian Nakamoto became most famous suspected identity, three other individuals have been proposed as Bitcoin’s creator with varying degrees of evidence.

Craig Wright claimed to be Satoshi Nakamoto multiple times since 2015, even leading Bitcoin SV fork. However, in March 2024, London High Court Judge James Mellor found overwhelming evidence against Wright’s claims. Ethereum co-founder Vitalik Buterin publicly called Wright a fraud. Wright’s evidence consisted of backdated blog entries and public encryption keys that were proven manipulated.

Nick Szabo, computer engineer and legal scholar, pioneered smart contracts in 1996 and conceptualized Bit Gold in 2008—a Bitcoin precursor. Author Dominic Frisby’s stylometric analysis found Szabo’s writing style matched Satoshi’s known writings. Both referenced economist Carl Menger, and Szabo worked for DigiCash, an early cryptography payment attempt. Despite compelling circumstantial evidence, Szabo has never confirmed being Satoshi.

Peter Todd was accused of being Nakamoto by investigative filmmaker Cullen Hobak in 2024 HBO documentary “Money Electric.” Todd, an Applied Cryptography Consultant involved in Bitcoin development for years, denied the claim. The Bitcoin developer community dismissed the accusation due to weak circumstantial evidence presented in the documentary.

The Hal Finney Connection

One of the most intriguing aspects of Dorian Nakamoto’s story is his proximity to Hal Finney. Dorian Nakamoto lived just a couple of blocks away from Hal Finney in Temple City, California. Hal was involved in Bitcoin project from very early stage, working with Satoshi from his very first message on cryptography mailing list. Could Hal and Satoshi have been next-door neighbors? Or is this one big coincidence?

Hal Finney had described Satoshi as “a young man of Japanese ancestry.” Dorian Nakamoto is the only suspect fitting Hal’s description. Hal talked to Satoshi regularly right from when he released Bitcoin code, so he likely had good idea of what Satoshi was like. This geographic proximity has fueled endless speculation about whether Hal Finney was the real Satoshi, using Dorian Nakamoto’s nearby presence as convenient misdirection, though no evidence supports this theory.

Dorian Nakamoto’s Lasting Legacy

Dorian Nakamoto represents Bitcoin’s power to change lives from humble beginnings—though not in the way anyone expected. An unassuming systems engineer recovering from health issues became symbolic figure for Bitcoin’s early community spirit, where strangers rallied to protect one of their own from invasive media attention.

His image endures in Bitcoin culture as reminder of the movement’s outsider status and distrust of mainstream institutions. Dorian Nakamoto’s scowl, captured in those chaotic 2014 photos, has been reclaimed by Bitcoin advocates as lasting symbol of their rejection of traditional finance and media narratives. We wouldn’t want it any other way.

Cryptograffiti confirmed Dorian Nakamoto is “doing well” and “trying to stay out of public eye due to his unwanted celebrity.” Whether Dorian Nakamoto still holds any of the donated bitcoin or converted it to fiat remains private, but the community’s gesture demonstrated Bitcoin’s values of mutual support and standing against injustice.

FAQ

Is Dorian Nakamoto the real Satoshi Nakamoto?

No, Dorian Nakamoto has no connection to Bitcoin. Newsweek incorrectly identified him as Bitcoin’s creator in March 2014 based on misunderstood quotes and circumstantial evidence. He formally denied involvement and explained he thought questions referred to his Citibank work.

How much Bitcoin did Dorian Nakamoto receive?

The Bitcoin community donated over 49 BTC (worth $30,000 in 2014, approximately $7.5 million at 2024 peak) plus an additional 17.3 BTC from artwork auctions. It’s unclear how long he held these donations or current holdings.

Why did people think Dorian Nakamoto was Satoshi?

His birth name was Satoshi Nakamoto, he worked on classified engineering projects, held libertarian views distrusting government, and lived blocks from Hal Finney. His ambiguous quote “I am no longer involved in that” was misinterpreted as admission.

Did Dorian Nakamoto sue Newsweek?

Dorian Nakamoto initially pledged to sue but never followed through with litigation. Instead, the Bitcoin community’s fundraising support and his eventual embrace of the community likely made legal action unnecessary.

Where is Dorian Nakamoto now?

According to artist cryptograffiti, Dorian Nakamoto is “doing well” but “trying to stay out of public eye due to his unwanted celebrity.” He signed artwork as recently as August 2022 but largely avoids public appearances.

Who actually created Bitcoin?

Satoshi Nakamoto’s true identity remains unknown. Many suspect it’s a group rather than individual. Other candidates include Nick Szabo, Craig Wright (disproven in court), and Peter Todd (denied claims), but none have been definitively proven.