Viral Screenshot Claims Satoshi Nakamoto Moved $1B in Bitcoin

An edited screenshot showing Satoshi Nakamoto moving 10,000 BTC caused a viral stir on social media over the weekend. The fake image, displaying Nakamoto’s wallet on blockchain analytics platform Arkham, manipulatively suggested that the Bitcoin creator’s long-dormant holdings had suddenly shifted. 

Arkham clarified on X that the claim was completely false. The supposed $1 billion Bitcoin transfer never happened, and their data shows Satoshi’s wallets haven’t moved. The fake screenshot spread fast, sparking panic among crypto traders.

Arkham warned that this kind of misinformation often appears when markets are unstable. “When markets crash, engagement farmers will share FUD to bait you into replying. People lie, but the blockchain never does,” Arkham stated. 

This shows how risky it is to trust screenshots without verification and why checking the blockchain yourself is important.

The Satoshi stash

Satoshi Nakamoto is still the biggest individual Bitcoin holder, owning over 1.1 million BTC spread across about 22,000 wallets. These coins were mined in Bitcoin’s early days and haven’t moved in more than 15 years. 

Arkham confirmed that Satoshi has never sold a single coin, making him the most successful person in crypto with an estimated $86 billion in profit. That also puts him as the 22nd richest person in the world. 

The Arkham Intel platform tracks all of Satoshi’s addresses as a single entity, so any real transfer would show up instantly. Users who set up Satoshi alerts would have seen there was no movement, proving the image was fake. The doctored screenshot even tampered with the “Transfers” list to make it look like real Arkham data.

Market implications of a real transfer

If 10,000 BTC had indeed moved, it could have had a major influence on the market, probably resulting in a downward trend for Bitcoin’s price. However, it could also have had a larger psychological effect. People may have seen it as a sign of Satoshi losing faith in Bitcoin and therefore sold their Bitcoins in panic.

Another aspect of the viral false information is how misinformation occurs in cryptocurrency. Troll accounts and engagement farmers usually use misinformation for their own gain. Arkham suggests using real blockchain data to check information rather than relying on information on social media.

Satoshi’s legacy and mystery

Satoshi’s disappearance from the public eye has sparked speculation for years. He officially stepped away in 2011, leaving Bitcoin under the care of Gavin Andresen and other developers as per CoinGecko. 

Over time, people have guessed at his identity, suggesting names like Adam Back and Peter Todd. However, these claims were always denied, and even HBO couldn’t uncover who he really is.

Some X posts have also contributed to spreading conspiracy theories. For instance, there have been suggestions of a link between Satoshi and certain individuals, based on the funding and development of cryptocurrency. According to Arkham, this all is merely speculative.

This viral fake shows why it’s crucial to double-check blockchain activity yourself. Satoshi’s 1.1 million BTC haven’t moved, and Arkham users can track his coins with certainty. Crypto traders should also stay alert for false rumors, especially when the market is shaky. As of writing, according to CoinMarketCap, Bitcoin is trading at $75,903.07, down 2.89% in the past 24 hours.

Also Read: Binance Moves $100M SAFU Fund into Bitcoin Amid Community Backlash

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.