Nic Carter, co-founder of Castle Island Ventures, has made a bold claim: Bitcoin's mysterious creator Satoshi Nakamoto is likely deceased. In a rebuttal to a New York Times article suggesting Adam Back as Satoshi, Carter criticized the lack of evidence and posited that if Satoshi were alive, they would have acted to secure early bitcoins vulnerable to quantum attacks.
Quantum Danger Over $120B in Old Addresses
Carter highlights that approximately 1.7 million bitcoins (worth around $120 billion) are stored in outdated P2PK (Pay-to-Public-Key) addresses. These addresses expose the public key on-chain, making them susceptible to quantum computer attacks using Shor's algorithm to derive private keys. Unlike later P2PKH addresses, P2PK transactions directly reveal the public key, elevating risk.
“If Satoshi were alive, he/she/they could easily transfer or destroy these coins to mitigate market risks,” Carter wrote. “But prolonged silence and inaction strongly suggest the creator is no longer with us.” He noted Satoshi's last known public communication was an email in April 2011, with no activity for 14 years.
Bitcoin Community Must Prepare for Cryptographic Upgrade
Carter argues that regardless of Satoshi's status, the Bitcoin community must confront the quantum computing threat. He calls for developers and miners to discuss quantum-resistant signature schemes (e.g., Lamport signatures or STARKs) and establish consensus through BIPs. Earlier, AmericanFortress proposed a soft fork to protect Satoshi's coins, but it hasn't gained traction.
Data from Glassnode shows that beyond Satoshi's stash, approximately 6.04 million bitcoins have exposed public keys through historical transactions, facing similar quantum risk. The entire network needs to transition from ECDSA to quantum-safe algorithms, a process that could take years.
Refuting Adam Back Claims
Carter also dismissed the New York Times article speculating Adam Back (Blockstream CEO) as Satoshi. He pointed out that Back's known behavior — attending conferences, leading a company, frequently speaking publicly — contradicts Satoshi's deliberate anonymity. Back himself has publicly denied the claim.
“If we take Bitcoin's long-term security seriously, we cannot rely on a possibly deceased founder to act,” Carter concluded. “Quantum computing is no longer science fiction; we must start preparing now.” Bitcoin's price saw minor fluctuations following the comments, but overall market reaction was muted.