"I Am Not Satoshi Nakamoto": HBO Documentary Subject Refutes Claims of Bitcoin Creation

The identity of Bitcoin's creator, Satoshi Nakamoto, has remained one of the greatest mysteries of the internet era. A new HBO documentary titled "Money Electric: The Bitcoin Mystery" claims to reveal the truth.

However, the individual identified in the film as the 2009 founder of Bitcoin is denying any connection to Nakamoto. Peter Todd, a Bitcoin core developer, stated to CNN, "For the record, I’m not Satoshi," and criticized the documentary as "irresponsible," claiming it puts his life at risk.

Todd expressed frustration, saying, “Cullen is grasping for straws here,” and pointed out that he was not contacted by HBO prior to the film's release or offered a chance to preview it before it aired on Tuesday. He added, “He is playing up a few coincidences into something much more. It’s ironic, really; that’s a hallmark of conspiracy thinking.”

HBO did not respond to CNN's request for comment. The network, like CNN, is owned by Warner Bros. Discovery.

In response to Todd’s denial, director Cullen Hoback maintained his confidence in the documentary's findings. “Peter was there that day, and he knows what was discussed. He had every opportunity to explain himself,” Hoback told CNN.

The speculation surrounding Bitcoin’s anonymous creator has led to numerous theories about who coded Bitcoin and then vanished from the internet in 2013, just as its value skyrocketed. The mystery is further complicated by the billions of dollars in Bitcoin that are believed to be under Nakamoto’s control.

Hoback invested years into tracking various theories about Satoshi Nakamoto’s identity before settling on Todd. He points to a 2010 message board post from Todd as evidence suggesting it was authored by Nakamoto.

Hoback has a history of delving into internet mysteries; his previous work includes the HBO series "Q: Into the Storm," which explored the identity of Q, the figure behind QAnon.

Before Todd’s denial, CNN spoke with Hoback about his confidence in his theory, concerns about potential legal repercussions, and a dramatic confrontation featured at the film’s conclusion. The following is an edited transcript of their conversation.

CNN: Why does Satoshi Nakamoto's identity matter?

Cullen Hoback: If Bitcoin had fizzled out or wasn’t being adopted by nation-states or incorporated into retirement plans, it would be a different story. But Bitcoin is increasingly becoming a major component of the financial system. It’s not going anywhere, and there’s this anonymous figure who likely controls a significant portion of it—around a million Bitcoins. Understanding whether this person still holds access to their crypto wallet and what their ideas and intentions are is crucial, given Bitcoin's growing significance.

CNN: How does the story of Satoshi contribute to the narrative of Bitcoin?

Hoback: The myth surrounding this anonymous figure initially benefitted Bitcoin by giving it an almost divine quality, suggesting it was a gift to humanity. This allowed people to believe whatever they wanted about it, portraying it as a pure solution to the world’s problems. However, that myth is now detrimental to Bitcoin, and clarifying it is essential since Bitcoin is now embedded in our financial system and affects many lives.

CNN: Many journalists have tried to uncover Satoshi’s identity before. How confident are you in your theory?

Hoback: We present a compelling case in the film. It’s akin to building a case in a trial; we want to make the strongest argument possible. Unlike previous claims, we confront Satoshi directly in the film, and their reactions can be more revealing than the evidence itself. Ultimately, the audience's perception of the evidence is what matters.

CNN: There are differing opinions on Satoshi's coding ability. Do you believe a young amateur could have created Bitcoin?

Hoback: Absolutely. It’s possible to be a genius coder who is self-taught without a polished professional background. The original code did not appear to be written by a professional developer, which I found intriguing. I consulted professional C++ coders to verify that our suspects could have created it. It’s plausible that someone young and relatively unknown could have done this, as anonymity allows for the possibility that they could be an exceptional coder without public recognition.

CNN: If your theory about Todd is correct, why would he agree to be interviewed for the documentary if he harbors this secret?

Hoback: There’s a psychological aspect to individuals who create significant global movements and keep such secrets. They might seek some credit or think that revealing themselves on camera would serve as better cover. Who would suspect Satoshi would go on camera? Peter Todd is particularly interested in game theory and enjoys the challenge of outsmarting others, which may explain why he participated.

CNN: What was it like confronting Todd in the film, and how long had you been in contact with him before formulating your theory?

Hoback: My first encounter with Peter Todd was through Adam Back at a Bitcoin conference in Latvia. Initially, I didn’t recognize Todd’s significance. Over time, as I gathered more footage and information, I began to scrutinize Todd’s background more closely. My curiosity about the code's nature led me to consider that Todd might indeed be Nakamoto, especially as Adam Back began distancing himself from that label.

CNN: One of your key pieces of evidence is a 2010 forum post by Todd that you suspect was meant to be attributed to Satoshi. What can you say about it?

Hoback: The writing style and the way he continues the sentence are telling. I noted the use of asterisks, which might suggest a connection to Satoshi. Todd had the ability to edit the post, so I found it curious he didn’t. His obsession with the post is also revealing; he referred to it as “the correction post.” This raises questions about why he would dwell on it for so long.

CNN: Were you concerned HBO wouldn’t let you name Peter Todd as your main suspect?

Hoback: We present all evidence factually. Todd was given every opportunity to refute our claims, and he didn’t take it. He’s the only person I interviewed who openly claimed to be Satoshi, reflecting his game theory mindset. We thoroughly fact-checked everything and consulted legal experts to ensure we were on solid ground.

In response to Todd’s denial, Hoback suggested that Todd should watch the film before making comments. “He’s had over a year to prepare for this moment,” Hoback stated, noting Todd’s prior insinuations that Adam Back could be Satoshi, suggesting Todd should reflect on his own statements.