A veteran Bitcoin developer has sparked controversy by promoting a Joker-themed meme coin priced at $5,000, triggering wild price swings and dividing the cryptocurrency community.

Peter Todd, who contributed to the early development of Bitcoin, endorsed the “HAHA” Pump Fun token on X on August 17.

He posted: “Bad day… a good cheer. Laughing till dawn. #hahaha.”

Todd Reveals Meme Coin Promotion Paid Solana $5,000

Todd later revealed that he received $5,000 in Solana tokens for the promotion, which he immediately converted into Bitcoin. He admitted that he did not know the payee, describing the source as “some random Twitter user.” He also explained that he was not required to disclose the payment as an advertisement but did so voluntarily.

“In many countries, it is a legal requirement to mark paid ads with #Ad. And it is done in an honest way. They did not negotiate a non-disclosure agreement on the amount paid. So I have no reason not to disclose this,” he added.

The token immediately surged 1,500% to $0.00008 after his post, only to plummet 95% minutes later, a typical phenomenon seen with Pump Fun releases.

However, within 24 hours, the token rebounded significantly, surging nearly 3,900% to $0.0002 and reaching a market capitalization of $225,000.

Speculation that Todd is the mysterious creator of Bitcoin

Todd is no stranger to cryptocurrency. He is best known for his contributions to Bitcoin Core, including writing code that modified the data-carrying limit for OP_RETURN. For years, he has been one of the most outspoken developers in the space, often taking opposing sides on scaling debates and industry trends.

The controversy surrounding his latest move comes amid long-running speculation about his identity. In Karen Hoback’s HBO documentary , “MoneyPower: The Mystery of Bitcoin,” Todd was even mentioned as a potential candidate for Bitcoin’s anonymous creator, Satoshi Nakamoto. He has vehemently denied the claim.

Hoback based his case on Todd’s teenage experiments with digital currencies and a controversial forum post from 2010 in which he allegedly forgot to switch accounts between his own name and Satoshi Nakamoto’s.

The filmmaker also noted the similarities in the release dates, suggesting they reflect the academic calendar. However, most in the cryptocurrency community dismissed this theory as mere speculation.

Reactions to Todd’s promotion of the memecoin have been mixed, with critics accusing him of a lack of integrity, while others have praised his outspokenness, calling it a “10/10.”

Despite the outcry, Todd seemed unfazed. The polarized responses suggest the shaky balance between credibility and opportunism in cryptocurrency’s laissez-faire culture.