Updated on:12/11/2025 05:51 PM 
The enigmatic world of cryptocurrency owes much to Martii Malmi, a pioneering developer who played an instrumental role in Bitcoin's formative years. Recently, this early Bitcoin collaborator has captured public attention by releasing his extensive email correspondence with the mysterious Bitcoin creator, Satoshi Nakamoto.
Malmi's contributions to the blockchain ecosystem extend far beyond mere digital correspondence. Historical research conducted by Peter Rizzo reveals that he was among the first developers to ever work directly on Bitcoin's core code, second only to its elusive creator.
Between 2009 and 2011, Malmi collaborated with Bitcoin luminaries including Hal Finney, Gavin Andresen, and Laszlo Hanyecz—famous for the legendary Bitcoin Pizza Day transaction that marked the first real-world purchase using cryptocurrency.
During his tenure as a college student, Malmi emerged as one of Bitcoin's earliest advocates, passionately defending the digital currency through ideological arguments on platforms like anti-state.org. He championed the concept of separating money from state control and refuted claims that Bitcoin lacked intrinsic value.
Perhaps most significantly, Malmi authored virtually all the content for Bitcoin.org—the inaugural website dedicated to the flagship cryptocurrency. He also served as the sole developer, alongside Nakamoto, to work on version 0.2 of Bitcoin Core software, cementing his status as a foundational figure in cryptocurrency development.
In 2009, Malmi executed the first recognized Bitcoin-to-USD exchange, selling 5,000 BTC for just $5—a transaction that today would be worth millions of dollars at current Bitcoin valuations.
With Nakamoto's explicit support, Malmi established the first dedicated Bitcoin exchange in 2010. He committed 30,000 of his own Bitcoin to serve as the initial market maker, facilitating hundreds of users' entry into the burgeoning cryptocurrency ecosystem.
By 2011, Malmi had demonstrated Bitcoin's practical utility by purchasing an apartment with 10,000 BTC when the cryptocurrency traded at approximately $30 per coin. This transaction stands as one of the earliest instances of Bitcoin being used for significant real-world asset acquisition.
Throughout his involvement with cryptocurrency, Malmi has parted with approximately 55,000 BTC—primarily to foster ecosystem growth. These Bitcoin holdings would now exceed $3 billion at current market valuations, underscoring the transformative potential of early cryptocurrency adoption.
Despite his substantial contributions, Malmi maintains a modest perspective on his wealth. In a 2020 statement, he noted that most of his savings remained in Bitcoin, though he described the amount as "not much." Currently, he serves as CEO of Sirius Business, a company focused on developing decentralized social media solutions.
Though no longer directly involved in Bitcoin's development, Malmi recently re-entered the cryptocurrency spotlight due to legal proceedings involving Craig Wright, a computer scientist who has claimed to be Bitcoin's creator, Satoshi Nakamoto.
Wright's assertions have been consistently challenged in various court cases, including a current lawsuit with the Crypto Open Patent Alliance (COPA), which aims to definitively refute his claims. In a 2019 legal proceeding, Wright baselessly alleged that Malmi had created the dark web marketplace Silk Road—though Ross Ulbricht was later convicted and imprisoned for this crime.
Malmi has vehemently denied any involvement with Silk Road and has since joined COPA's legal efforts to expose Wright's claims as fraudulent. His recent courtroom testimony, supported by the email correspondence with Nakamoto, has revealed numerous inconsistencies in Wright's narrative about Bitcoin's origins.
Through his testimony, Malmi has provided invaluable insights into Bitcoin's formative period, helping to preserve the true history of cryptocurrency development while debunking false narratives that threaten to distort blockchain's revolutionary legacy.
