Deceiving The Followers, Police Arrest Satoshi School Project Founder Jorg Molt

Jorg Molt (left) has defrauded a number of his followers. (photo: twitter)

JAKARTA - Germany's largest media outlet, Bild, recently reported that Jorg Molt, a German businessman who claims that he invented Bitcoin and started the "Satoshi School," has been arrested.

The 48-year-old was arrested by Bavarian police at Frankfurt Airport just minutes before he was about to board a flight to escape to South America.

After the arrest, Molt's apartment in Karlsruhe was searched and evidence was found.

Police have also launched an investigation into a 54-year-old woman who was his friend.

Molt is suspected of defrauding 50 people of 1.8 million euros (30 billion rupiahs) with his "Bitcoin Pension" project.

The German, who also happens to be a DJ, is trying to lure investors with his relatively large social media following.

In short, the plan is to use 60 percent of all investments to buy Bitcoin mining hardware and generate stable returns with a Sweden-based facility.

The remaining 40 percent of the funds should be kept in a secure account. In the worst-case scenario, Molt claims that the money can be withdrawn from the account at any time.

Apparently, a German person called "Jorg Molt" has been showing a selfie taken with me and telling people that we are friends

This is a LIE. I don't know him at all.

I have heard from others that he claims to be the founder of Bitcoin and has thousands of BTC. A LIE. pic.twitter.com/Bh97AZfvS5

— Andreas (BEWARE of giveaway scams!) (@aantonop) November 3, 2019

“Bitcoin Pension” closed in 2020 after many community members started calling it a scam.

During the investigation, it was revealed that the self-proclaimed Satoshi never intended to invest the Bitcoins he received into mining.

Even if there was no malice on Molt's part, his business clearly lacked a viable business model to deliver on its promises.