If you've been in crypto long enough, you've heard every Satoshi theory. Hal Finney. Nick Szabo. Craig Wright (please, no). But this week the New York Times dropped a hot take on the subject, and it points toward Adam Back, the CEO of Blockstream and inventor of Hashcash, the proof-of-work system that directly inspired Bitcoin's mining mechanism.

The investigation was led by John Carreyrou, the Pulitzer-winning journalist who blew open the Theranos fraud. Carreyrou's team used AI-powered stylometric analysis to compare Satoshi's known writings with Back's emails, academic papers, and forum posts. The linguistic fingerprint, they argue, is a near-perfect match.

The circumstantial evidence isn't thin either. Back was one of the first people Satoshi emailed before Bitcoin launched. He's a British cryptographer (Satoshi used British spelling). And despite being one of the most obvious candidates for years, he's always deflected with a low-key "it's not me."

Which is exactly what he did again. Back posted on X calling the investigation "flattering but wrong" and hinted at legal action against the Times.

Here's the thing: it almost doesn't matter if it's true. The mystique of Satoshi is one of Bitcoin's greatest features. A faceless, walletless creator who disappeared and never sold. If Back is Satoshi, he's sitting on an estimated 1.1 million BTC (roughly $80 billion at today's prices) and has never moved a single coin.

The crypto community is predictably split. Some think this is the most convincing case ever made. Others think Carreyrou is applying Theranos-level suspicion to a guy who just happens to be really good at cryptography.

Either way, it's probably the most-read crypto story of the year. And Adam Back's DMs are probably a nightmare right now 😂

This one reads like a thriller plot, but it's real.

Iran announced it would begin charging $1 per barrel in Bitcoin for every oil tanker passing through the Strait of Hormuz, one of the most critical shipping chokepoints on Earth.

For a country under heavy sanctions, Bitcoin is less speculative asset and more “tool for economic sovereignty.” Tehran reportedly set up a streamlined payment system that processes BTC transactions in "a few seconds," according to state media.

UAE statesman Al Jaber called it "extortion." And President Trump floated a "joint venture" counter-proposal, suggesting the U.S. and Iran could split the toll revenue. (Classic.)

Then, just as quickly as the tension escalated, a ceasefire deal was reached between the U.S. and Iran on Tuesday night, sending markets into a frenzy. Bitcoin ripped from $67,000 to $72,700 in a matter of hours, triggering over $600 million in short liquidations.

This is the part that matters for your portfolio: Bitcoin is no longer just reacting to Fed meetings and inflation prints. It's acting more like a geopolitical asset again. When nations use it as a toll mechanism and peace deals move its price more than earnings reports, you're watching a fundamental shift in perception of what Bitcoin is.

The shorts who got wiped out learned that lesson the expensive way.

On-chain detective ZachXBT dropped a bombshell investigation this week after obtaining leaked data from a compromised North Korean internal payment server. The data exposed a 390-account network of DPRK-linked IT workers who've been getting hired as remote developers at crypto startups, funneling over $3.5 million back to North Korea since November 2025.

The leaked server data included chat logs, crypto transaction records, and internal communications between dozens of operatives. These workers used AI-generated profile photos, fabricated LinkedIn histories, forged documents, and VPN setups to mask their locations. Some had been embedded at companies for over a year. One Solana-based DeFi project, ElementalDeFi, reportedly employed a DPRK-linked developer for years without knowing.

The funds were routed through crypto transactions before being converted to fiat using Chinese bank accounts and platforms like Payoneer. Three entities in the leaked records (Sobaeksu, Saenal, and Songkwang) are already sanctioned by the U.S. Treasury's OFAC. MetaMask security researcher Taylor Monahan followed up by claiming more than 40 DeFi platforms have unknowingly employed these state-sponsored developers at some point.

The implications for the crypto industry are pretty bad. If your startup's hiring process is "can you pass a Solidity test on Zoom," you might already have a problem… and that’s why some companies have taken to requiring interviewees to insult Kim Jong Un as a test of their nationality (North Korean applicants often bail, as in the above example).

We really appreciate you reading our newsletter, and we’d love to hear your feedback.

It all makes you wonder if Satoshi ever imagined the Iranian government charging tolls in BTC while covert North Korean operatives build out crypto companies as fake employees.

Same time next week? Sounds good.

Until then,
- The Chain Team

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