Elusive bitcoin creator outed as man who attempted to launch world's first cryptobank

Elusive bitcoin creator outed as man who attempted to launch world's first cryptobank

Craig Wright, the 44-year old Australian polymath outed as the creator of bitcoin, attempted to introduce the world's first cryptocurrency bank in 2014 but fell foul of Australian tax rules.

Among his other interests, Wright is the CEO of DeMorgan Ltd, a company which bills itself as "focused on alternative currency, next generation banking and reputational and educational products with a focus on security and creating a simple user experience".

Working in concert with Sydney technology firm Hotwire Pre-Emptive Intelligence Group, Wright went public in 2014 with plans to launch a bitcoin-based bank called Denariuz, after a year of talks with regulators in the UK, US and Singapore. With one eye on a stock market listing, Wright said Denariuz was targeting over a million customers globally, with the aim of becoming "among the second tier banks in Australia within 5-6 years".

The plans failed to pass muster with the Australian tax office and the business was shelved, although it still holds a Web page, which states: "Denariuz’ banking products include traditional financial instruments such as saving accounts, ATM cards, credit cards and loans. We will also offer a new set of peer-to-peer (P2P) financial products such as: P2P loans and P2P investment portfolios. Denariuz will be integrated with our eWallet technology to ensure maximum possible protection of clients’ Bitcoins."

Wright has gone to ground after tech mags Gizmodo and Wired named him as the pseudonomynous bitcoin founder Satoshi Nakamoto. Within hours of the news hitting the wires, Australian police, believed to be acting on behalf of the country's tax authorities, raided Wright's suburban home in Sydney.

But amidst all the clamour, a note of caution was struck by Wired: "We still can’t say with absolute certainty that the mystery is solved. But two possibilities outweigh all others: Either Wright invented bitcoin, or he’s a brilliant hoaxer who very badly wants us to believe he did."

Comments: (1)

A Finextra member
A Finextra member 09 December, 2015, 14:50Be the first to give this comment the thumbs up 0 likes

If I was him, I'd also be in hiding. 

Satoshi owns over 1 million XBT, in today's money that's GBP £279Million (aka USD $421Million). Imagine the hangers-on, and friends that'll suddenly remember him!