The Tool Desk
Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Short answer: “Crack This Crypto Puzzle to Win 2.1 BTC” was a January 2020 Phemex marketing puzzle, not an active Bitcoin giveaway. Phemex advertised 1.1 BTC at the Bitcoin address 1h8BNZkhsPiu6EKazP19WkGxDw3jHf9aT, plus a separate 1 BTC trading bonus for the person who proved control of the associated private key. The original deadline was March 21, 2020, and current sources do not conclusively verify the winner or the exchange-side payout.
What the “2.1 BTC” prize actually meant
The challenge was announced by Phemex on January 16, 2020 and covered contemporaneously by HackerNoon. The headline’s 2.1 BTC was a combined promotional value:
| Component | What Phemex offered |
|---|---|
| On-chain prize | 1.1 BTC held at 1h8BNZkhsPiu6EKazP19WkGxDw3jHf9aT |
| Exchange bonus | 1 BTC in Phemex trading credit after the solver proved control of the private key |
| Referral incentive | Phemex also mentioned a $100 trading bonus for people in the retweet chain that led the winner to the puzzle |
That structure matters: the advertised total was not 2.1 BTC sitting in one wallet. The 1 BTC exchange bonus was conditional and separate from the 1.1 BTC controlled by the Bitcoin address. Phemex’s original rules are preserved in its announcement, “Try To Solve Our 2 BTC Puzzle.”
Why the image showed Dorian Nakamoto
The puzzle used a portrait associated with Dorian Satoshi Nakamoto, the Japanese-American man whom a 2014 Newsweek article incorrectly identified as Bitcoin’s creator. Dorian Nakamoto denied being Satoshi Nakamoto. The image was thematic; it did not establish that Dorian was Bitcoin’s pseudonymous creator or that he had any role in Phemex’s puzzle.
#1 Best Overall
- BITCOIN EXCLUSIVE, PHONE VERIFICATION: Bitkey is designed from the ground up exclusively for bitcoin — a dedicated hardware wallet for secure bitcoin storage. Approve transactions with a tap using your phone and NFC. No device screen is required.
- SELF-CUSTODY, NO EXCHANGE OR CUSTODIAN REQUIRED: You hold two of the three keys in the Bitkey system – one on your phone and one on your Bitkey device. The third is stored on Bitkey’s server and cannot move your bitcoin on its own.
- NO SEED PHRASE: Set up and use Bitkey without creating or storing a seed phrase.
- 2-of-3 MULTISIG: Three keys are stored separately across your phone, Bitkey device, and Bitkey’s server. Any two keys are required to move your bitcoin.
- BUILT-IN RECOVERY: Encrypted backup and recovery tools can help you regain access if you lose your phone or Bitkey device. You can also designate a Recovery Contact.
The visual design was part of the clue system. Words, capitalization and numerical references in the portrait were intended to be interpreted rather than read as ordinary artwork. Phemex later clarified that the image filename was irrelevant.
The official clue timeline
- January 16, 2020: Phemex launched the portrait puzzle and published the funded address.
- January 23, 2020: Phemex’s “A Letter from Max” supplied several clarifications, including the prime-number clue and instructions about number formats.
- February 21, 2020: Phemex published a final hint centered on the phrase “little is big.”
- March 21, 2020: Phemex’s stated deadline for solving the puzzle and its planned reveal if nobody succeeded.
The clue letter is available at Phemex’s “A Letter from Max”, while the later hint appears in “The Last Hint of Phemex 2.1BTC Puzzle.”
The five key clarifications
- The first 21-digit prime appearing in consecutive digits of e is
957496696762772407663. - The derived private key should be treated as a large integer, not immediately encoded in Wallet Import Format (WIF).
- The image filename is not a clue.
- Some words from the portrait must be converted, without input/output operations, into a 27-digit number.
- If solving stalls, the fourth step should be revisited.
Phemex’s later hint said the Goddess Pheme repeated “little is big” twice within three days, signaling that apparently small details mattered.
Rank #2
- Unparalleled Security: Protect your assets NDA-free EAL 6+ Secure Element, offering robust defense and complete transparency
- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Rest assured with Multi-share Backup, eliminating single points of failure for secure cold wallet recovery
How the reconstructed solution works
This was not an attempt to reverse an arbitrary Bitcoin address. It was a deliberately constrained riddle in which the organizer supplied enough clues to narrow the calculation.
Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problems1. Start with the prime in e
Solvers first locate the specified 21-digit prime in consecutive digits of the mathematical constant e: 957496696762772407663. Phemex explicitly warned that this number was an intermediate clue, not automatically the final private key.
2. Extract and transform words from the portrait
The community reconstruction treats selected, case-sensitive words in the image as data. Those words are converted into a 27-digit number rather than passed through a conventional “input/output” encoding step. One reported intermediate value is 237871847045914904726285415.
Rank #3
- Secure element (EAL6+ certified) and passphrase protection for bullet-proof physical security
- Two-button pad device interface, designed for user-friendly operation
- Bright OLED display for easy & secure hands-on verification
- PIN & passphrase enabled for on-device protection
- Fully open-source design for transparent security
3. Apply base-58 and byte-order operations
The repository documenting the reconstruction applies Bitcoin- and XRP-style base-58 alphabets to clue words and interprets some values in little-endian order. Another reported intermediate number is 554405551875. Changing the alphabet, capitalization or endianness can produce a completely different result, which explains why apparently plausible calculations may not lead to the advertised address.
4. Derive and check the Bitcoin destination
The claimed reconstruction arrives at the compressed public key 02b4a72e4aaa69ba04b80c6891df01f50d191a65eccc61e4e9862d1e421ce815b3 and the advertised address 1h8BNZkhsPiu6EKazP19WkGxDw3jHf9aT. The technical notes and code are published in the community repository fqueis/phemex-puzzle.
Free tools Windows power users keep installed
One-click scans. No signup required.
This is a community reconstruction, not an independently audited Phemex derivation. It is therefore best described as a claimed or documented solving path rather than definitive proof that every intended step has been recovered.
Rank #4
- Dual-chip architecture for maximum protection: The next-gen, fully auditable TROPIC01 chip works alongside a certified EAL6+ Secure Element—completely NDA-free—to deliver radically transparent, industry-leading defense against physical attacks.
- Quantum-ready security: Get protection against future threats with the first-ever hardware wallet designed with quantum-ready architecture.
- See every detail with confidence: Our largest high-resolution color touchscreen makes it easy to navigate your assets, review transactions and manage your coins with clarity.
- Wireless freedom with encrypted Bluetooth control: Manage, buy, swap and stake securely using Trezor Suite on desktop or mobile. Qi2-compatible wireless charging keeps your Trezor powered up. No cables required—security meets convenience.
- Works seamlessly with Android, iOS and desktop: Connect wirelessly or via USB-C to your phone or computer. Manage your crypto anywhere with our companion Trezor Suite app.
Was this “breaking Bitcoin”?
No. A Bitcoin private key is normally a 256-bit value, and recovering an arbitrary key from an address by searching the entire key space is computationally infeasible. Phemex’s puzzle was different because the organizer intentionally generated a key from clues and published a target address. The practical task was interpreting a constrained construction, not defeating Bitcoin’s cryptography or brute-forcing the network.
It is also important to distinguish Bitcoin terminology:
- A Bitcoin address is a destination for payments, not the public key itself.
- A public key is derived from a private key and may be used to verify signatures.
- A private key authorizes spending from the associated outputs.
- WIF is one textual encoding of a private key. Phemex said the puzzle’s derived value should be handled as a large integer rather than assumed to be WIF.
Was the puzzle solved and paid out?
The evidence supports four separate conclusions:
- Official rules: Phemex documented the address, prize structure and conditions.
- Official hints: Phemex published the prime, formatting and “little is big” clues.
- Community method: The GitHub project documents a reconstruction that reports intermediate values and a matching address.
- Actual redemption: The sources reviewed here do not independently establish the winning person, a definitive on-chain redemption transaction, or payment of the separate 1 BTC Phemex bonus.
A blockchain transaction could help establish whether funds moved from the advertised address, but it would not by itself prove that Phemex paid the exchange-side bonus. That would require separate first-party evidence. Screenshots, reposts and an asserted “solution” are not equivalent to either form of proof.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Best Value
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
- Protect your signer: keep it in mint condition at all times with a bespoke Pod or Case to avoid scratches and everyday wear and tear.
Is the 2.1 BTC still claimable in 2026?
No. The promotion’s deadline was March 21, 2020, so the old headline should not be read as a current opportunity. Phemex’s historical terms also required the solver to prove control of the key and use a Phemex account for the exchange bonus. Current Phemex availability, eligibility and promotions are separate questions and are not established by these archived puzzle pages.
Security and legal cautions
- Never paste a discovered private key into a website, exchange, browser extension or “claim” page.
- Do not download untrusted solver software or send money to unlock a supposed reward.
- Do not publish or reuse private-key material. Anyone who obtains it may be able to spend associated funds.
- Do not assume that finding a mathematically valid key gives automatic permission to sweep funds; authorization and legal treatment can vary by jurisdiction.
- Historical puzzle participation is not investment advice. General cautions about unverifiable Bitcoin-puzzle claims are discussed by Crypto.bi.
The Bottom Line
The Phemex “2.1 BTC” challenge was a real 2020 clue-based private-key puzzle: 1.1 BTC on-chain plus a promised 1 BTC exchange bonus. It was not a conventional attack on Bitcoin, it expired in March 2020, and available sources do not conclusively prove the final winner or bonus payment.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
