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Satoshi Nakamoto, the creator of Bitcoin, may be deliberately avoiding the use of his early wallets and coins to maintain anonymity. Instead, he has allegedly been anonymously withdrawing mined funds since 2010, according to a theory presented on the BTCparser website.

“My theory focuses on the money, not the individual, and it leads me to believe that the mysterious mega whale from 2010 could either be Satoshi himself or a member of Satoshi’s organization,” the author stated.

Hypothesis: Satoshi’s New Bitcoin Stash

The theory suggests that after stepping away from the public eye, Satoshi continued mining bitcoins anonymously, accumulating a significant fortune. In 2010, he is said to have created multiple wallets, each containing exactly 50 BTC. To preserve privacy, he left the original 2009 wallets, associated with his public persona, untouched.

Key criteria for identifying these wallets:

All coins were mined shortly after Bitcoin’s launch, but the wallets became inactive following Satoshi’s disappearance.
Each wallet contained only one transaction of 50 BTC, with no further activity until their “awakening.”
Funds were consolidated into P2SH-format addresses (commonly used for escrow) and then redistributed evenly across bech32 addresses.

Large-Scale Withdrawals from Dormant Wallets

The researcher claims to have tracked these wallets since 2019, noting that approximately 24,000 BTC have been withdrawn over this period.
The first withdrawal occurred in November 2019, while the most recent took place on November 15, 2024, involving the “awakening” of 2,000 BTC across 40 wallets, valued at roughly $176 million.

Who Is Behind These Withdrawals?

The author speculates that Coinbase might be aware of the “mega whale’s” identity, as coins from these dormant addresses have reportedly been deposited on the platform.