Even after more than a decade and a half, the identity of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, is still an active mystery that provokes discourse and disagreement.

In the last couple weeks, a New York Times piece authored by investigative journalist John Carreyrou suggested that Satoshi is in fact Adam Back, while the recent documentary Finding Satoshi pegged a two-person team, namely Hal Finney and Len Sassaman.

Protos has reviewed the evidence pointing to several of the internet’s favored candidates for this illustrious role and laid out our findings below.

Adam Back

Adam Back, the chief executive officer (CEO) of Blockstream, has often been labeled as a likely candidate for Satoshi.

Among the reasons for this is his identity as a cypherpunk, an online community which believed in the beneficial effects of freedom technology tools developed using cryptography.

Satoshi generally appears to be a cypherpunk, or at the very least to be sympathetic to cypherpunk ideas, regularly citing and conversing with others in the community.

Back was also behind HashCash, another cryptographically based digital cash technology that was cited by Satoshi.

Notably, there exist emails that Back has shared in court cases which seem to show Satoshi reaching out to Back to make sure that he appropriately cites the HashCash paper. This has led Carreyrou to ask us to consider if “Mr. Back…sent those emails to himself as a cover story.”

🔍 Reading Satoshi’s entrails

Carreyrou’s reporting also emphasized the fact that Back shared certain stylistic markers with Satoshi.

Among these similarities were certain phrases like “backup” and “human friendly” as well as inconsistent hyphenation in words like e-mail/email.

Despite these stylistic similarities, there are still differences, with Carreyrou noting, “Mr. Back made a lot of typos and had a rambling style when he posted to mailing lists, while Satoshi’s writing was crisp and mostly typo-free.”

Others, like YouTuber BarelySociable, have also suggested that Back is the most likely Satoshi candidate.

Back strongly denies being Satoshi.

He was also briefly considered as a candidate by Finding Satoshi; however, it concluded he didn’t post at the appropriate times to be Satoshi.

Hal Finney

Hal Finney was a cryptographer who was the first person to receive bitcoin (BTC) from Satoshi.

Like Back, he seems to have many of the necessary skills, even working on a previous digital cash, Reusable Proofs of Work.

Finney was the first person to participate in a BTC transaction with Satoshi.

Russia moved closer to formal crypto regulation after lawmakers advanced a key digital currency bill in its first reading. The proposal sets a timeline for licensed trading and stricter controls. It outlines phased enforcement starting in 2026 and extending into 2027.

Russia Advances Licensed Crypto Framework

The State Duma approved draft bill No. 1194918-8 during its first reading this week. The legislation defines a core structure for digital currency operations across Russia. It places crypto trading under the supervision of the Bank of Russia.

The proposal allows residents to buy and sell crypto through approved intermediaries starting July 2026. However, it bans unlicensed platforms from operating by July 2027. Authorities aim to shift activity into regulated channels and reduce informal trading networks.

Lawmakers also introduced related bills alongside the main framework. Another draft, No. 1194929-8, passed its first reading during the same session. Together, these measures outline a broader plan to reshape the domestic crypto market.

Key Rules Target Retail Access and Market Limits

The bill sets strict eligibility rules for digital assets available to retail users. Authorities limit access to highly liquid cryptocurrencies meeting defined thresholds. These thresholds include market capitalization, trading volume, and operational history.

Assets must maintain an average capitalization above five trillion rubles over two years. They must also show daily trading volume above one trillion rubles during that period. Additionally, each asset must have at least five years of trading history.

Retail participants must pass a qualification test before accessing crypto markets. Moreover, the bill caps annual purchases at 300,000 rubles through a single intermediary. These rules aim to control exposure while maintaining supervised participation.

The legislation also permits residents to use foreign accounts for crypto purchases. However, users must report all such transactions to tax authorities. At the same time, the law continues to ban crypto payments inside Russia.

Enforcement Plans Face Legal and Industry Concerns

Lawmakers introduced separate drafts to define penalties for violations under the new system. Draft No. 1209607-8 proposes criminal liability for unlicensed crypto services. It also mandates registration with the central bank for all operators.

However, the Supreme Court of Russia reviewed the proposal and declined support in its current form. The court stated that enforcement rules depend on the main framework. It noted that penalties cannot function without a finalized regulatory base.

This response signals delays in implementing strict enforcement mechanisms. Authorities must first finalize the core digital currency legislation. Only then can supporting measures take full effect across the system.

Meanwhile, industry participants continue to assess the proposed structure. Some local stakeholders warn that strict controls could shift activity outside regulated platforms. They argue that excessive limits may push trading into informal channels instead of formal markets.

Russia has maintained a cautious stance toward crypto since its 2021 digital assets law. That framework allowed ownership but banned payments using digital currencies. The new legislative package builds on that approach while tightening oversight and market access.

Consequently, the current bill represents a significant step toward centralized control of crypto activity. It reflects a policy direction focused on supervision, compliance, and restricted participation. Further readings and amendments will determine the final shape of Russia’s crypto market structure.