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Self-Proclaimed Satoshi Arrested Over Bitcoin Fraud

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Sun, 07/11/2021 - 09:53
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Alex Dovbnya
German police have arrested a self-proclaimed Satoshi Nakamoto
Self-Proclaimed Satoshi Arrested Over Bitcoin Fraud
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Jorg Molt, a German entrepreneur who claimed he invented Bitcoin and started “Satoshi School,” has been arrested, Bild reports.     

The 48-year-old man was nabbed by Bavarian police at Frankfurt Airport just minutes before he was set to board a plane to escape to South America.     

Following the arrest, Molt’s Karlsruhe apartment was searched and evidence was found. 

The police have also launched an investigation into a 54-year-old woman who was his companion.  

Molt allegedly defrauded 50 people of 1.8 million euros ($2.14 million) with his "Bitcoin Pension" project.

The German man—who also happens to be a DJ—was trying to lure investors with his relatively large social media following.       

In a nutshell, the plan was to use 60 percent of all investments to buy Bitcoin mining hardware and generate steady returns with a facility based in Sweden. The remaining 40 percent of the funds was supposed to be kept in a safe account. In a worst-case scenario, Molt claimed that the money could be withdrawn from the account at any time.   

"Bitcoin Pension" closed its doors in 2020 after many community members started calling it out for being an alleged scam.        

Over the course of the investigation, it transpired that the self-proclaimed Satoshi never intended to invest the Bitcoin he received into mining.                 

Even if there were no malicious intent on Molt’s parts, his venture clearly lacked a viable business model to deliver on its lofty promises.    

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Another Faketoshi

As reported by U.Today, Molt got his 15 minutes of fame back in November 2019 after he had an angry confrontation with cryptocurrency commentator Kenneth Bosak at World Crypto Con in Las Vegas.

Multiple prominent crypto personalities took the German DJ to task after he joined the list of self-proclaimed Bitcoin creators. Molt also claimed that he personally owned 250,000 BTC. 

Famous YouTuber Andreas Antonopoulos denied knowing Molt after the latter started spreading lies about their friendship.

Meanwhile, some dug up a video of Molt’s ex-wife, in which he revealed that the German Faketoshi didn’t even own a computer when Satoshi’s Bitcoin white paper was published.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.