Cryptocurrency Community Reacts to Sensational Claim
A recent social media post has stirred the cryptocurrency community by claiming that a mere 24 words could potentially unlock approximately $112 billion worth of Bitcoin attributed to the enigmatic creator, Satoshi Nakamoto.
The post stated, “That fact should scare you,” in an effort to boost interaction, though it seems to have missed its mark.
Criticism from Industry Experts
This sensational assertion drew scrutiny and criticism from Alex Thorn, who serves as the head of firmwide research for Galaxy Digital, a prominent crypto investment firm founded by Mike Novogratz. Thorn dismissed the post as “fake news” and labeled it “dumb slop” while addressing misconceptions about Bitcoin’s early wallets.
He pointed out that the 12- or 24-word recovery phrases, which are popular today, only became available following the introduction of the BIP-39 standard in 2013.
Understanding Satoshi’s Bitcoin
Additionally, contrary to popular belief, the supposed treasure trove of Bitcoin belonging to Satoshi is not contained within a single wallet but is instead dispersed across a variety of pay-to-public-key (P2PK) addresses. Therefore, there is no singular seed phrase that could access Satoshi’s alleged wealth, and attempting to guess would be futile.
