German entrepreneur Jorg Molt, who claimed to have invented Bitcoin and started the “Satoshi School,” has been arrested, Bild reports. Molt, 48, was apprehended by Bavarian police at Frankfurt Airport minutes before boarding a plane to flee to South America.
After his arrest, Molt’s apartment in Karlsruhe was searched and evidence was seized. Police also launched an investigation against a 54-year-old woman who was her friend. Molt’s “Bitcoin Pension” It is alleged that he defrauded 50 people of 1.8 million euros ($2.14 million) with his project.
The German entrepreneur, who is also a DJ, was trying to attract investors with his relatively large social media following.
In a nutshell, the plan was to use 60% of all investments to purchase Bitcoin mining hardware and generate stable returns with a Swedish-based facility. The remaining 40% of the funds had to be kept in a secure account. In the event scenario, Molt claimed that the money could be withdrawn from the account at any time.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 accused it of fraud. Throughout the investigation, it was revealed that the self-proclaimed Satoshi never thought of investing the Bitcoin he received into mining.
While there was no malicious intent on Molt’s actions, his venture was said to lack a viable business model to deliver on its lofty promises.
Molt rose to fame after having a heated argument with cryptocurrency commentator Kenneth Bosak at the World Crypto Con in Las Vegas in November 2019.
Numerous cryptocurrency commentators tweeted about the self-proclaimed Bitcoin creator Molt. Especially the famous YouTuber Andreas Antonopoulos denied Molt after he started to spread the claim that Molt was friends with him.
Other commentators have uncovered a video of Molt’s ex-wife explaining that Molt didn’t even have a computer when he published Satoshi’s Bitcoin white paper.