German police have arrested Jorg Molt, a self-proclaimed Satoshi Nakamoto, for involving Bitcoin fraud

Bavarian police arrested Jorg Molt, who identified himself as Satoshi, at Frankfurt Airport just minutes before he was set to board a plane to escape to South America, as Bild reported. It is known that Molt is a German businessman, 48 years old. He also claims to be the one who invented Bitcoin and started Satoshi School.

Jorg Molt, self-proclaimed Satoshi arrested over Bitcoin fraud

After the arrest, the 48-year-old’s apartment was searched and evidence was found. Police have also opened an investigation into a 54-year-old woman who was his companion.

Molt allegedly defrauded 50 people of $2.14 million with his “Bitcoin Pension” project. His plan is to use 60% of all investments to buy Bitcoin mining hardware and generate steady profits with a Sweden-based facility. The remaining 40% is said to be kept in a safe account. In the worst-case scenario, Molt claims that funds can be withdrawn from the account at any time.

The “Bitcoin Pension” closed down in 2020 after many community members started calling it an alleged scam. During the investigation, it seems that the self-proclaimed Satoshi never intended to invest the Bitcoins he received into mining. Even without malice against Molt’s divisions, his venture clearly lacks a viable business model to deliver on its lofty promises.

Molt is often referred to as Faketoshi more than his self-styled nickname. He shot to fame again for 15 minutes in November 2019 after he had an angry confrontation with cryptocurrency commentator Kenneth Bosak at World Crypto Con in Las Vegas. Many prominent crypto figures have the German DJ up to the task after he joined the list of self-proclaimed Bitcoin creators.

german-police-have-arrested-a-self-proclaimed-satoshi-nakamoto-for-involving-bitcoin-fraud

Jorg Molt (on the left) has been showing a selfie taken with famous YouTuber Andreas Antonopoulos and telling people that they are friends

Some people have dug up a video of Molt’s ex-wife, in which he reveals that German Faketoshi didn’t even own a computer when Satoshi’s Bitcoin white paper was published.

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