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The Devil Takes Bitcoin: Cryptocurrency Crimes and the Japanese Connection
The wild, true story of cyber-era commerce, crime, cold-hard cash, and one of the greatest heists in history.
Even in hell, Bitcoin talks. This modern take on an old Japanese saying still holds true. Cryptocurrency was supposed to do for money what the internet did for information, but it didn’t work out that way. Its virtual existence unleashed real-world chaos — especially in the homeland of its mysterious creator, Satoshi Nakamoto. Tokyo was the centre of the world’s largest bitcoin exchange, Mt. Gox, until that company collapsed with nearly half a billion dollars’ worth of bitcoin gone missing. It might be the greatest heist in history. If it was a heist.
So what really happened? Here’s the true story of the humble-to-hot commodity, from the former geek website that launched the boom to an inside world of absent-minded CEOs, hucksters, hackers, cybercrooks, drug dealers, corrupt federal agents, evangelical libertarians, and clueless techies. You’ll discover Bitcoin’s connection to the infamous Silk Road, learn why hell has nothing on Japan’s criminal justice system, and get the lowdown on the high cost of betting with the Devil’s dollars. All of this for less than the price of a single bitcoin.
Even in hell, Bitcoin talks. This modern take on an old Japanese saying still holds true. Cryptocurrency was supposed to do for money what the internet did for information, but it didn’t work out that way. Its virtual existence unleashed real-world chaos — especially in the homeland of its mysterious creator, Satoshi Nakamoto. Tokyo was the centre of the world’s largest bitcoin exchange, Mt. Gox, until that company collapsed with nearly half a billion dollars’ worth of bitcoin gone missing. It might be the greatest heist in history. If it was a heist.
So what really happened? Here’s the true story of the humble-to-hot commodity, from the former geek website that launched the boom to an inside world of absent-minded CEOs, hucksters, hackers, cybercrooks, drug dealers, corrupt federal agents, evangelical libertarians, and clueless techies. You’ll discover Bitcoin’s connection to the infamous Silk Road, learn why hell has nothing on Japan’s criminal justice system, and get the lowdown on the high cost of betting with the Devil’s dollars. All of this for less than the price of a single bitcoin.
224 pages, Paperback
Published October 14, 2025
About the author
Jake Adelstein
17 books813 followersJake Adelstein has been an investigative journalist in Japan since 1993 and low-ranking Zen Buddhist priest since 2017--and is unlikely to ever achieve satori. That's okay. He's considered one of the foremost experts on organized crime in Japan and works as a writer and consultant in Japan, the United States and France. He is the author of Tokyo Vice: A Reporter on the Police Beat in Japan (Vintage) and has written two other books published by Marchialy in France.
𝗝’𝗔𝗜 𝗩𝗘𝗡𝗗𝗨 𝗠𝗢𝗡 𝗔̂𝗠𝗘 𝗘𝗡 𝗕𝗜𝗧𝗖𝗢𝗜𝗡𝗦 (I Sold My Soul For Bitcoins) 2019
𝗝’𝗔𝗜 𝗩𝗘𝗡𝗗𝗨 𝗠𝗢𝗡 𝗔̂𝗠𝗘 𝗘𝗡 𝗕𝗜𝗧𝗖𝗢𝗜𝗡𝗦 (I Sold My Soul For Bitcoins) 2019
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Displaying 1 - 30 of 33 reviews
September 17, 2017
I'm biased--I wrote it with Nathalie Stucky. But if you want to know the history of Bitcoin, the strange lure of it for many, and how a probably innocent man is facing jail time in Japan because half a billon dollars of it went missing--this is the book for you.
December 6, 2017
A good first read on Bitcoin. The first part of the book gives a nontechnical introduction to Bitcoin while the second recounts the saga of Mt. Gox, the now extinct Bitcoin exchange that was once the largest in the world and that imploded when hackers stole most of its coins. It is a gripping and fascinating tale of theft and spectacular mismanagement. Also present in the book is the entangled relationship between Mt. Gox, Silk Road and law enforcement. Interesting read except for the details on the sex life of Mark Karpeles (the creator of Mt. Gox) that sounded like too much information.
March 22, 2018
Interesting topic, and, for being about Bitcoin, surprisingly easy to follow. Could have benefitted from a more focused story on bitcoin and Mt Gox, instead of details about Karpelès sexual life and the Japanese judicial system. The latter is something I’m interested in, but took away focus from the story.
June 17, 2026
Book Review 69 (2026) - 4.5/5 - 'The Devil Takes Bitcoin', Jake Adelstein - Non-Fiction - True-Crime/Bitcoin/Japan
As much as everyone knows I love books, films have always been a huge part of my life too. I was six years old the first time I saw Back to the Future.
I can't tell you much about the details, I just remember the feeling. That electricity you get as a kid when something on the screen reaches through and grabs you. I didn't know what filmmaking was. I didn't know who Michael J. Fox was. I just knew I was watching something special. The way each film linked Back to the Past (and the Future) seamlessly, the score and of course the DeLorean! My brothers and I would walk around quoting lines like "1.21 gigawatts!" and "Roads? Where we're going, we don't need roads" like it was going out of fashion and we were the new trendsetters.
Fast forward to last year. Madame and I are sitting in a theatre watching Back to the Future: The Musical, which by the way is absolutely incredible! After the show, Bob Gale, the original writer & producer, came out to speak. He told us the whole idea started in 1980 when he was digging through his parents' basement and found his father's old high school yearbook. Flipping through it, he discovered his dad had been class president. Gale, who had been head of the 'Student Committee To Abolish Student Government', thought: if I went to high school with my dad, would we even have been friends? He flew back to Los Angeles, told Robert Zemeckis, and bang, one of the greatest films ever made was born. Oh, and it was rejected by every major Hollywood studio more than forty times before it got made. The entire theatre gave him a standing ovation, the curtain came down, and everyone danced to Huey Lewis, 'Back in Time'.
So when Fox released his fifth book late last year, it was always going to jump the queue.
Quick note before I get into it. I read this straight off the back of his previous memoir, No Time Like the Future, which I devoured on the Disney cruise with Emmy Loo and the boys. That one covers his Parkinson's diagnosis, his retirement from acting, and what it looks like to stare down your own mortality and still choose joy. Review coming very soon. I mention it because the two books sit beautifully together. You carry the weight of what you know is coming for this man, and yet Future Boy reads like pure adrenaline. Like someone who has decided, no matter what, that 1985 was the greatest adventure of his life and he wants to take you every step of the way.
Living two lives
In early 1985, Fox was the biggest thing on American television as Alex on Family Ties. Then Zemeckis and Spielberg came calling. Problem? Family Ties owned his days completely. Solution? Film the sitcom by day, and the movie by night. Every day. For months.
"Slam! Daylight. Slam! Darkness. While the denizens of Los Angeles enjoyed their sea breezes and warm rays, my daytime hours were spent cocooned in a sunless soundstage."
His driver would show up, turn on his shower, make his coffee, and get him out of bed. There are photographs in this book of Fox asleep on set. Standing up. His only rule: "I'm feeling the strain, but that's nobody's business but mine."
And yet nobody knew what they were making. Bob Gale's story from that stage says it all. The press called it a "troubled production." They were just showing up, doing the work, and trusting the process. The film grossed over $380 million worldwide. In today's Hollywood this schedule would apparently never be approved. That it happened then is a miracle. That both became legends is one of the great stories in entertainment history.
The DeLorean: a crap car that became immortal
Here is one for every fan who ever dreamed of sitting in that gull-wing cockpit.
Fox is hilariously blunt: "I get to drive the DeLorean. I know what you're thinking... cool! I thought so too, at first, but soon I grew to hate driving the DeLorean. First of all, let's face it, it's a shit car. Slow to accelerate, with cheap appointments, and that's before our special effects crew added their two cents."
The production had loaded the interior with the flux capacitor, time clocks, and every manner of metallic flourish to bring Doc Brown's invention to life. None of it was particularly safe. "Those jerry-rigged accoutrements tend to be rather rough-edged, metallic and sharp. After that first night in the driver's seat and for the remainder of the movie, my hands are crisscrossed with lacerations, my knuckles bruised, and my elbows contused from slamming into the space-edged console."
His conclusion? "As they say in show business, pain is temporary, film is forever."
The DeLorean DMC-12 was only manufactured between 1981 & 1983. The company went bust. It barely sold. And yet today it is one of the most recognised vehicles in cinema history. A car that failed in the market became immortal on screen. There is something poetic in that for anyone who has ever backed an idea the world wasn't ready for yet.
The Nikes, the guitar, and Johnny B. Good
Two details every fan of the film will love.
Those red Nike high-tops Marty wears throughout? Fox's own shoes, pulled straight from his personal wardrobe. He writes: "I brought a dash of my own style to Marty McFly; his Nike shoes were mine." The costume department couldn't find them in stores, so Nike's fledgling product placement department manufactured twenty pairs at no cost. Twenty pairs. That is how Back to the Future launched one of the most iconic brand partnerships in film history.
Then there is Johnny B. Goode. Fox already played guitar and told the filmmakers straight: "If you don't shoot my hands, it's just fake." So he mastered the track note for note. Fox also addresses the paradox head-on: Marty performs the song in 1955, three years before Chuck Berry actually released it. He calls it "a temporal inconsistency that guitar aficionados and Back to the Future fans have pointed out again and again." Completely unbothered. As he should be.
Nobody puts Crispin in a box
If you have ever watched a Crispin Glover interview, you already know what Fox was dealing with. His legendary 1987 David Letterman appearance, where he showed up in character, kicked his foot dangerously close to Letterman's head, and sent the host to a commercial break in genuine bewilderment, is basically a masterclass in what it must have been like to share a set with him. Magnificent chaos.
On the Back to the Future set, Glover brought that same energy. During one scene at the clothesline, he was supposed to stay in a lane between the line and Fox. He had other ideas.
"My guess is that he saw George as a wanderer, a free spirit who traveled in random patterns; in this case, perpendicular to the camera."
The crew built a literal corral of sandbags and C-stands to keep him in frame.
"Nobody puts Crispin in a box. But that didn't prevent the camera crew from literally building a box around him."
Fox never dismisses him for a second. "I picture Crispin facing me in our scenes together, hips locked, delivering his lines as his arms and head moved independently, with a sort of musicality that only he could hear."
His talent was unquestionable. His methods created friction. But he remained true to George McFly and the film is richer for every bit of it. There is a lesson in there for anyone who manages strong personalities. You do not need everyone to operate the same way. You need them to be true to what they do best.
Biff in real life
One of the great joys of this book is discovering who people really are behind their characters.
Thomas F. Wilson, who played Biff Tannen, one of cinema's great bullies, is in reality one of the warmest, gentlest men on the production. Fox writes about him with real affection. The irony? Wilson himself was bullied relentlessly as a child. A skinny, sickly kid who got pushed around until he grew bigger than everyone else. He drew directly on those experiences to build Biff. The boy who was tormented became the screen's most memorable tormentor. And in real life, the complete opposite of the character he played so brilliantly.
Fox's portrait of Wilson is a reminder that the best actors are often the ones carrying the deepest personal history into their roles. The villain on screen. A gentle soul off it.
The Eric Stoltz chapter
Here is something many people don't realise. Fox was actually the first choice for Marty McFly from the very beginning. Zemeckis and Spielberg wanted him. But Family Ties said no, and Fox was locked in. So they hired Eric Stoltz, a serious, critically respected actor known for his intense method approach, and began shooting.
For six weeks, Stoltz gave everything he had to the role. The problem was that everything he had was the wrong thing for Marty McFly. Stoltz brought weight, depth, and genuine dramatic gravity to the character. On paper, admirable. On screen, it wasn't landing. Marty McFly needed lightness, instinct, and comedy. Stoltz was playing Hamlet. The film needed a rock and roll kid from 1985.
The decision to replace him six weeks in, with half the original shooting schedule already filmed, was one of the most difficult calls in Hollywood history. Everything had to be reshot. The entire cast had to start again opposite a new lead. And the man they had always wanted was now somehow available.
Fox is generous about all of it:
"The thing that Eric did was just a different take. It had a little more Shakespeare, a little more tragedy. And I was doing all that I had in my wheelhouse, I didn't have that tragedy. So I played what I knew."
Today they exchange warm, witty emails. "His emails are reliably witty and always fun to read, a reminder that some of the best parts of our future can come from the past."
Bob Gale still maintains that one day the Eric Stoltz footage will eventually be released. Honestly, I'd love to see it.
A life philosophy worth living!
Diagnosed with Parkinson’s at 29. Endless physical challenges. Still optimistic. Still funny. Still grateful.
“I wake up and get the message of what the day is gonna be like, and I try to adjust to it. I keep getting new challenges physically, and I get through it. You take the good, and you seize it.”
Short, punchy, warm, and completely alive. You finish the book feeling better about the world and better about your own capacity to show up with joy, no matter what the day throws at you.
Final Rating: ⭐⭐⭐⭐⭐ (5/5)
I'll leave you with the immortal words of Doc Brown...
"Your future is whatever you make it. So make it a good one!"
Great Scott. 🕰
CPH
P.S. Bob Gale's question that started it all was simply this: if I went to high school with my dad, would we even have been friends? Forty years later, that question became one of the most beloved films ever made. So here is mine for you: would you ever want to go back and meet your parents when they were in high school? What do you think you would find?
P.P.S. I often finish my LIVE podcasts with the Back to the Future question, if you could go back in time and give advice at any age; what age would you be and what advice would you give? Would love to hear your advice and more importantly, when?
As much as everyone knows I love books, films have always been a huge part of my life too. I was six years old the first time I saw Back to the Future.
I can't tell you much about the details, I just remember the feeling. That electricity you get as a kid when something on the screen reaches through and grabs you. I didn't know what filmmaking was. I didn't know who Michael J. Fox was. I just knew I was watching something special. The way each film linked Back to the Past (and the Future) seamlessly, the score and of course the DeLorean! My brothers and I would walk around quoting lines like "1.21 gigawatts!" and "Roads? Where we're going, we don't need roads" like it was going out of fashion and we were the new trendsetters.
Fast forward to last year. Madame and I are sitting in a theatre watching Back to the Future: The Musical, which by the way is absolutely incredible! After the show, Bob Gale, the original writer & producer, came out to speak. He told us the whole idea started in 1980 when he was digging through his parents' basement and found his father's old high school yearbook. Flipping through it, he discovered his dad had been class president. Gale, who had been head of the 'Student Committee To Abolish Student Government', thought: if I went to high school with my dad, would we even have been friends? He flew back to Los Angeles, told Robert Zemeckis, and bang, one of the greatest films ever made was born. Oh, and it was rejected by every major Hollywood studio more than forty times before it got made. The entire theatre gave him a standing ovation, the curtain came down, and everyone danced to Huey Lewis, 'Back in Time'.
So when Fox released his fifth book late last year, it was always going to jump the queue.
Quick note before I get into it. I read this straight off the back of his previous memoir, No Time Like the Future, which I devoured on the Disney cruise with Emmy Loo and the boys. That one covers his Parkinson's diagnosis, his retirement from acting, and what it looks like to stare down your own mortality and still choose joy. Review coming very soon. I mention it because the two books sit beautifully together. You carry the weight of what you know is coming for this man, and yet Future Boy reads like pure adrenaline. Like someone who has decided, no matter what, that 1985 was the greatest adventure of his life and he wants to take you every step of the way.
Living two lives
In early 1985, Fox was the biggest thing on American television as Alex on Family Ties. Then Zemeckis and Spielberg came calling. Problem? Family Ties owned his days completely. Solution? Film the sitcom by day, and the movie by night. Every day. For months.
"Slam! Daylight. Slam! Darkness. While the denizens of Los Angeles enjoyed their sea breezes and warm rays, my daytime hours were spent cocooned in a sunless soundstage."
His driver would show up, turn on his shower, make his coffee, and get him out of bed. There are photographs in this book of Fox asleep on set. Standing up. His only rule: "I'm feeling the strain, but that's nobody's business but mine."
And yet nobody knew what they were making. Bob Gale's story from that stage says it all. The press called it a "troubled production." They were just showing up, doing the work, and trusting the process. The film grossed over $380 million worldwide. In today's Hollywood this schedule would apparently never be approved. That it happened then is a miracle. That both became legends is one of the great stories in entertainment history.
The DeLorean: a crap car that became immortal
Here is one for every fan who ever dreamed of sitting in that gull-wing cockpit.
Fox is hilariously blunt: "I get to drive the DeLorean. I know what you're thinking... cool! I thought so too, at first, but soon I grew to hate driving the DeLorean. First of all, let's face it, it's a shit car. Slow to accelerate, with cheap appointments, and that's before our special effects crew added their two cents."
The production had loaded the interior with the flux capacitor, time clocks, and every manner of metallic flourish to bring Doc Brown's invention to life. None of it was particularly safe. "Those jerry-rigged accoutrements tend to be rather rough-edged, metallic and sharp. After that first night in the driver's seat and for the remainder of the movie, my hands are crisscrossed with lacerations, my knuckles bruised, and my elbows contused from slamming into the space-edged console."
His conclusion? "As they say in show business, pain is temporary, film is forever."
The DeLorean DMC-12 was only manufactured between 1981 & 1983. The company went bust. It barely sold. And yet today it is one of the most recognised vehicles in cinema history. A car that failed in the market became immortal on screen. There is something poetic in that for anyone who has ever backed an idea the world wasn't ready for yet.
The Nikes, the guitar, and Johnny B. Good
Two details every fan of the film will love.
Those red Nike high-tops Marty wears throughout? Fox's own shoes, pulled straight from his personal wardrobe. He writes: "I brought a dash of my own style to Marty McFly; his Nike shoes were mine." The costume department couldn't find them in stores, so Nike's fledgling product placement department manufactured twenty pairs at no cost. Twenty pairs. That is how Back to the Future launched one of the most iconic brand partnerships in film history.
Then there is Johnny B. Goode. Fox already played guitar and told the filmmakers straight: "If you don't shoot my hands, it's just fake." So he mastered the track note for note. Fox also addresses the paradox head-on: Marty performs the song in 1955, three years before Chuck Berry actually released it. He calls it "a temporal inconsistency that guitar aficionados and Back to the Future fans have pointed out again and again." Completely unbothered. As he should be.
Nobody puts Crispin in a box
If you have ever watched a Crispin Glover interview, you already know what Fox was dealing with. His legendary 1987 David Letterman appearance, where he showed up in character, kicked his foot dangerously close to Letterman's head, and sent the host to a commercial break in genuine bewilderment, is basically a masterclass in what it must have been like to share a set with him. Magnificent chaos.
On the Back to the Future set, Glover brought that same energy. During one scene at the clothesline, he was supposed to stay in a lane between the line and Fox. He had other ideas.
"My guess is that he saw George as a wanderer, a free spirit who traveled in random patterns; in this case, perpendicular to the camera."
The crew built a literal corral of sandbags and C-stands to keep him in frame.
"Nobody puts Crispin in a box. But that didn't prevent the camera crew from literally building a box around him."
Fox never dismisses him for a second. "I picture Crispin facing me in our scenes together, hips locked, delivering his lines as his arms and head moved independently, with a sort of musicality that only he could hear."
His talent was unquestionable. His methods created friction. But he remained true to George McFly and the film is richer for every bit of it. There is a lesson in there for anyone who manages strong personalities. You do not need everyone to operate the same way. You need them to be true to what they do best.
Biff in real life
One of the great joys of this book is discovering who people really are behind their characters.
Thomas F. Wilson, who played Biff Tannen, one of cinema's great bullies, is in reality one of the warmest, gentlest men on the production. Fox writes about him with real affection. The irony? Wilson himself was bullied relentlessly as a child. A skinny, sickly kid who got pushed around until he grew bigger than everyone else. He drew directly on those experiences to build Biff. The boy who was tormented became the screen's most memorable tormentor. And in real life, the complete opposite of the character he played so brilliantly.
Fox's portrait of Wilson is a reminder that the best actors are often the ones carrying the deepest personal history into their roles. The villain on screen. A gentle soul off it.
The Eric Stoltz chapter
Here is something many people don't realise. Fox was actually the first choice for Marty McFly from the very beginning. Zemeckis and Spielberg wanted him. But Family Ties said no, and Fox was locked in. So they hired Eric Stoltz, a serious, critically respected actor known for his intense method approach, and began shooting.
For six weeks, Stoltz gave everything he had to the role. The problem was that everything he had was the wrong thing for Marty McFly. Stoltz brought weight, depth, and genuine dramatic gravity to the character. On paper, admirable. On screen, it wasn't landing. Marty McFly needed lightness, instinct, and comedy. Stoltz was playing Hamlet. The film needed a rock and roll kid from 1985.
The decision to replace him six weeks in, with half the original shooting schedule already filmed, was one of the most difficult calls in Hollywood history. Everything had to be reshot. The entire cast had to start again opposite a new lead. And the man they had always wanted was now somehow available.
Fox is generous about all of it:
"The thing that Eric did was just a different take. It had a little more Shakespeare, a little more tragedy. And I was doing all that I had in my wheelhouse, I didn't have that tragedy. So I played what I knew."
Today they exchange warm, witty emails. "His emails are reliably witty and always fun to read, a reminder that some of the best parts of our future can come from the past."
Bob Gale still maintains that one day the Eric Stoltz footage will eventually be released. Honestly, I'd love to see it.
A life philosophy worth living!
Diagnosed with Parkinson’s at 29. Endless physical challenges. Still optimistic. Still funny. Still grateful.
“I wake up and get the message of what the day is gonna be like, and I try to adjust to it. I keep getting new challenges physically, and I get through it. You take the good, and you seize it.”
Short, punchy, warm, and completely alive. You finish the book feeling better about the world and better about your own capacity to show up with joy, no matter what the day throws at you.
Final Rating: ⭐⭐⭐⭐⭐ (5/5)
I'll leave you with the immortal words of Doc Brown...
"Your future is whatever you make it. So make it a good one!"
Great Scott. 🕰
CPH
P.S. Bob Gale's question that started it all was simply this: if I went to high school with my dad, would we even have been friends? Forty years later, that question became one of the most beloved films ever made. So here is mine for you: would you ever want to go back and meet your parents when they were in high school? What do you think you would find?
P.P.S. I often finish my LIVE podcasts with the Back to the Future question, if you could go back in time and give advice at any age; what age would you be and what advice would you give? Would love to hear your advice and more importantly, when?
July 6, 2026
In the summer of 2012, while researching a new novel in Tokyo, I stumbled upon Jake Adelstein’s fantastic debut, Tokyo Vice, at the fabled Kinokunia bookstore in Shinjuku. I’ve been a devoted fan ever since. In his capable hands, Adelstein turns the secretive world of criminal enterprise into something we all can recognize.
Adelstein’s fourth book, The Devil Takes Bitcoin, tackles the wild frontier of cryptocurrency. Despite being his first title to not focus primarily on the yakuza, Adelstein never misses a beat, bringing all his finely honed skills as an investigative journalist to bear on the crazy and chaotic world of crypto.
In straightforward prose, Adelstein quickly recounts the early days of Bitcoin and its shadowy creator Satoshi Nakamoto—and generously explains Bitcoin itself to the novices among us—then turns his attention to the collapse of Mt. Gox, the world’s biggest Bitcoin exchange. With almost a half billion dollars of Bitcoin missing at Mt. Gox’s demise, Adelstein has a big mystery to solve.
The Devil Takes Bitcoin reads like a first-rate detective novel or classic whodunit. We’re along for the ride as Adelstein investigates the biggest crypto crime in history, following leads where they take him, tracking down clues, reaching dead ends only to make important new discoveries. Adelstein unfolds his story with an impressive amount of suspense and tension, turning this complicated investigation into a real edge-of-your-seat page-turner—or even an entertaining heist flick, albeit one with depth and meaning.
Like any great mystery or thriller, The Devil Takes Bitcoin features a colorful cast of highly flawed characters, including a very inattentive CEO preyed upon by ruthless hackers and cybercrooks, and a whole fleet of drug dealers, geeks, techies, federal agents, and libertarians. It doesn’t help matters that a fair number of this motley crew are corrupt or clueless or both. As an added bonus, the reader gets a sobering look inside Japan’s overzealous criminal justice system, a place you apparently never want to find yourself in. Adelstein keeps the reader guessing until the end, and delivers his final revelations about the missing Bitcoin in satisfying climactic fashion.
As always, Jake Adelstein is simultaneously a funny, engaging, and big-hearted writer. He packs this tale with genuine compassion and real hard-won humanity. Don’t worry if you don’t know a thing about Bitcoin or cybercrime. Adelstein will take you by the hand and lead you on a wild adventure.
Adelstein’s fourth book, The Devil Takes Bitcoin, tackles the wild frontier of cryptocurrency. Despite being his first title to not focus primarily on the yakuza, Adelstein never misses a beat, bringing all his finely honed skills as an investigative journalist to bear on the crazy and chaotic world of crypto.
In straightforward prose, Adelstein quickly recounts the early days of Bitcoin and its shadowy creator Satoshi Nakamoto—and generously explains Bitcoin itself to the novices among us—then turns his attention to the collapse of Mt. Gox, the world’s biggest Bitcoin exchange. With almost a half billion dollars of Bitcoin missing at Mt. Gox’s demise, Adelstein has a big mystery to solve.
The Devil Takes Bitcoin reads like a first-rate detective novel or classic whodunit. We’re along for the ride as Adelstein investigates the biggest crypto crime in history, following leads where they take him, tracking down clues, reaching dead ends only to make important new discoveries. Adelstein unfolds his story with an impressive amount of suspense and tension, turning this complicated investigation into a real edge-of-your-seat page-turner—or even an entertaining heist flick, albeit one with depth and meaning.
Like any great mystery or thriller, The Devil Takes Bitcoin features a colorful cast of highly flawed characters, including a very inattentive CEO preyed upon by ruthless hackers and cybercrooks, and a whole fleet of drug dealers, geeks, techies, federal agents, and libertarians. It doesn’t help matters that a fair number of this motley crew are corrupt or clueless or both. As an added bonus, the reader gets a sobering look inside Japan’s overzealous criminal justice system, a place you apparently never want to find yourself in. Adelstein keeps the reader guessing until the end, and delivers his final revelations about the missing Bitcoin in satisfying climactic fashion.
As always, Jake Adelstein is simultaneously a funny, engaging, and big-hearted writer. He packs this tale with genuine compassion and real hard-won humanity. Don’t worry if you don’t know a thing about Bitcoin or cybercrime. Adelstein will take you by the hand and lead you on a wild adventure.
March 7, 2026
I picked up The Devil Takes Bitcoin expecting a straightforward true-crime tale centered on the infamous Mt. Gox collapse and the shadowy underbelly of early cryptocurrency. While the core story is compelling—detailing one of the largest “heists” in history, corrupt agents, hackers, and the chaotic birth of Bitcoin as a global force—it’s not what ultimately hooked me the most.
What really captured my attention were the fascinating rabbit trails the book sends you down, especially around the Silk Road saga and Bitcoin’s early investigative history. Adelstein dives into the infamous darknet marketplace, Ross Ulbricht’s downfall, and the groundbreaking (and sometimes messy) work of law enforcement in tracing blockchain transactions. These sections feel like mini-thrillers on their own, packed with details about how agents cracked cases that many thought were impossible due to Bitcoin’s supposed anonymity. The connections to corrupt federal agents skimming from seizures, the role of early Bitcoin tracing pioneers, and the interplay between libertarian ideals and real-world crime add layers that kept me Googling names and events long after putting the book down.
Adelstein’s journalistic style—sharp, witty, and unflinching—brings the international cast (from Japanese underworld figures to U.S. investigators) to life without getting bogged down in overly technical jargon. The Japan connection, tying into Mt. Gox’s epic failure and cultural quirks in the justice system, provides a fresh angle that’s both entertaining and eye-opening. It’s a wild ride through crypto’s glitchy, glorious mess, blending true crime with insights into how these events shaped the industry we know today.
That said, the narrative occasionally wanders a bit before tightening up, and some sections could have benefited from tighter editing to keep the momentum going from the start. But overall, it’s gripping, insightful, and impossible to put down once those rabbit holes open up.
If you’re into Bitcoin history, cybercrime, or just love a good investigative deep dive, this one’s a solid four stars. It might not be the perfect page-turner for everyone, but the side explorations it sparks make it well worth the read. Highly recommended—maybe even HODL onto your copy!
What really captured my attention were the fascinating rabbit trails the book sends you down, especially around the Silk Road saga and Bitcoin’s early investigative history. Adelstein dives into the infamous darknet marketplace, Ross Ulbricht’s downfall, and the groundbreaking (and sometimes messy) work of law enforcement in tracing blockchain transactions. These sections feel like mini-thrillers on their own, packed with details about how agents cracked cases that many thought were impossible due to Bitcoin’s supposed anonymity. The connections to corrupt federal agents skimming from seizures, the role of early Bitcoin tracing pioneers, and the interplay between libertarian ideals and real-world crime add layers that kept me Googling names and events long after putting the book down.
Adelstein’s journalistic style—sharp, witty, and unflinching—brings the international cast (from Japanese underworld figures to U.S. investigators) to life without getting bogged down in overly technical jargon. The Japan connection, tying into Mt. Gox’s epic failure and cultural quirks in the justice system, provides a fresh angle that’s both entertaining and eye-opening. It’s a wild ride through crypto’s glitchy, glorious mess, blending true crime with insights into how these events shaped the industry we know today.
That said, the narrative occasionally wanders a bit before tightening up, and some sections could have benefited from tighter editing to keep the momentum going from the start. But overall, it’s gripping, insightful, and impossible to put down once those rabbit holes open up.
If you’re into Bitcoin history, cybercrime, or just love a good investigative deep dive, this one’s a solid four stars. It might not be the perfect page-turner for everyone, but the side explorations it sparks make it well worth the read. Highly recommended—maybe even HODL onto your copy!
October 28, 2017
For all the drama in this story, this could have been a gripping read, but it felt awkward instead. I learned a bit about the personality of Mark Karpeles, whom the book wants us to sympathize with. And I do, now. The argument for his innocence was compelling. That said, I just was not interested in him as a person. I did not need to know how he spent his money, and what that was supposed to say about him. Tabloid details, as far as I'm concerned.
Then the last section of the book seemed to focus on the abysmal state of the criminal justice system in Japan. This section begins with a lengthy detour into this random other case involving another man who happens to like cats (seriously, that was the thread) in order to illustrate the problems with the "guilty until proven guilty" system in Japan.
I get that this is all relevant to the story of Mt. Gox. I'm not sure why I should care so much about the details of how this all went down. In 100 pages, I would have wanted much more detail about how bitcoin actually works, algorithmically, and more of the history and economic theory behind it, OR a completely separate book about Japan's justice system.
Then the last section of the book seemed to focus on the abysmal state of the criminal justice system in Japan. This section begins with a lengthy detour into this random other case involving another man who happens to like cats (seriously, that was the thread) in order to illustrate the problems with the "guilty until proven guilty" system in Japan.
I get that this is all relevant to the story of Mt. Gox. I'm not sure why I should care so much about the details of how this all went down. In 100 pages, I would have wanted much more detail about how bitcoin actually works, algorithmically, and more of the history and economic theory behind it, OR a completely separate book about Japan's justice system.
January 7, 2021
Personally, after reading this book, I feel like the author is trying to explain the case of the Japanese Bitcoin Exchange, and people who got involved in a such narrative, story telling way, that eventually overdoing it on the writing. One of the most noticeable flaw on this book is there's too much unnecessary information stated on the book, which ruins the whole experience in reading (and learning about the case) eventually. One of the prime example would be the whole chapter two about the personal life of 'main character' in this book, which in my opinion, goes a bit too far, and it can be shorted to at least 5 pages. I might be wrong if the author's main purpose is to also explain his whole background, but I think it's too much, and it goes unnecessarily to the whole book.
Outside the rant I made, I have to point out that one good thing that came out from this book is the author actually given and explained out all the necessary information needed regarding the case. This sounds contradicting to my previous point, but what I'm trying to say is, despite the irrelevant things written in the book, the main point is made clear, and it gives a way to explain the main topic of the book.
Overall, it is an informative book, but I think it's better to leave this book alone, unless you are really interested about the case happened related to bitcoin in Japan somewhere in 2010.
April 28, 2019
It's so hard to write about something you don't understand. Adelstein does that and fails predictably. His knowledge about money is pretty much limited to "the numbers printed on the bank papers". And he wings his explanations in a way that might make him look knowledgeable to someone who knows even less than him. So "what is bitcoin" becomes
> Bitcoin is the name of a digital cryptocurrency created by a volunteer network of computer users. It is held electronically.
Yea, digital means "it is held electronically". Cryptocurency won't be explained, the same way Adelstein has no idea who "the computer users" are.
> Bitcoin is the name of a digital cryptocurrency created by a volunteer network of computer users. It is held electronically.
Yea, digital means "it is held electronically". Cryptocurency won't be explained, the same way Adelstein has no idea who "the computer users" are.
January 22, 2025
This little book is all about cybercrime and the Japanese justice system and how it can sometimes seem skewered toward the prosecution. It doesn't explain Bitcoin clearly enough so the layman can understand how it actually works but it is a fascinating look at the concept and one generally gets the gist. It kept me reading without stopping because it is intriguing, but I didn't come away with a clear understanding of how an online currency can be profitable except in the mining and reward system. It is a short enough read that I may do it again, if another Kindle Single doesn't grab my attention first.
April 1, 2025
Première fois que je lisais un livre sous la forme d’une enquête journalistique alors j’ai eu besoin d’un temps d’adaptation au début pour en apprécier l’écriture. Une remarque que j’ai souvent eue par rapport à Jake Adelstein est que l’on ressent une certaine arrogance dans ses écrits, il est vrai que j’ai parfois eu cette impression mais cela ne m’a pas particulièrement dérangé.
Pour le livre et son contenu, n’ayant pas de grandes connaissances au sujet du Bitcoin et des nombreux scandales affiliés au sujet, je trouve que ce livre a été écrit de manière très accessible et compréhensible.
Pour le livre et son contenu, n’ayant pas de grandes connaissances au sujet du Bitcoin et des nombreux scandales affiliés au sujet, je trouve que ce livre a été écrit de manière très accessible et compréhensible.
Read
April 29, 2020Jake Adelstein est un maître quand il s'agit de raconter des événements réels comme il le ferait pour un bon polar. Il explore ici la sphère nébuleuse des crypto-monnaies. On découvre la figure de Mark Karpelès, accusé d'avoir détourné 500 millions de dollars alors qu'il dirige la plus grosse plateforme d'échange de bitcoins. Cette enquête est une intrigue jubilatoire!
October 1, 2022
Une enquête passionnante à suivre où encore une fois la réalité dépasse largement la fiction dans sa version la plus folle. Même si je suis de loin le sujet, j'ai beaucoup appris à cette lecture. Je m'en vais de ce pas lire les autres écrits de Jake Adelstein que j'ai découvert grâce à Michael Mann (merci aussi pour ça).
September 6, 2025
Une lecture rapide et intéressante. J'ai eu le livre en cadeau pour l'achat de deux autres livres de poche, et j'avoue qu'il ne me tentait pas plus que ça avant d'apprendre qu'il ne s'agissait pas d'une fiction.
Le récit est très détaillé mais bien rythmé, on ne s'ennuie pas et il permet de tout comprendre même si l'on ne connaît rien aux bitcoin.
Le récit est très détaillé mais bien rythmé, on ne s'ennuie pas et il permet de tout comprendre même si l'on ne connaît rien aux bitcoin.
March 11, 2026
I felt that the title was misleading and tbh I’m still not really sure what bitcoin is exactly, I feel like I could have benefitted from a longer explanation. That being said it’s a good story overall and Adelsteins writing style (A LOT of opinions) is quite fun to read. The silkroad chapters were especially interesting.
January 16, 2018
Clear that this book consists of lots of journal entries.
Interesting subject to explore but it was extremely disorganized. I consider myself decently read in Crypto and the Mt. Gox hacks but I was having alot of trouble following along. Can't imagine how a layperson would get by.
Interesting subject to explore but it was extremely disorganized. I consider myself decently read in Crypto and the Mt. Gox hacks but I was having alot of trouble following along. Can't imagine how a layperson would get by.
April 5, 2021
Tout simplement génial. Dévoré en 3 jours. Une enquête pour tous les curieux du bitcoin :)
January 17, 2023
Clair et concis, et comme d’habitude personne à sauver là dedans.
January 22, 2025
Le thème est très intéressant mais je trouve que l’histoire tourne en rond.
Je n’ai pas lu les derniers chapitres car je me suis lassée
Je n’ai pas lu les derniers chapitres car je me suis lassée
July 9, 2026
A great book discussing the history of Bit coin. It makes a confusing topic very approachable and interesting!
April 26, 2021
Connaissant uniquement vaguement le bitcoin, j'ai appris énormément en lisant ce livre. On découvre aussi des choses sur le système judiciaire japonais. C'était une lecture passionnante, j'ai dévoré le tout quasiment d'une traite. Il est étonnamment facile à lire.
En plus, l'édition est magnifique !
En plus, l'édition est magnifique !
March 6, 2019
Voici un roman que j'ai lu rapidement, et pourtant le sujet est loin d'être facile puisqu'on baigne pendant un peu plus de deux cents pages dans l'univers de l'argent, numérique ou réel, avec toutes les magouilles qu'il peut y avoir. Ce roman est une sorte de grand reportage faite par un journaliste qui connait très bien son sujet. Jake Adelstein est un journaliste américain qui s'est fait un nom après son enquête sur les yakuzas, il vit au Japon où il est d'ailleurs devenu prêtre bouddhiste zen.
Après les yakuzas, il va mener cette fois une longue enquête sur la monnaie virtuelle qu'est le Bitcoin. Tout commence par l'arrestation de Mark Karpelès. Il est le dirigeant de la société la plus importante en échange de Bitcoins. Elle est basée au Japon. Le souci est que près de 850 000 bitcoins ont disparu. Le dirigeant de la société est tout de suite accusé et arrêté par la police japonaise. Jake, aidée de Nathalie Stucky, va mener l'enquête de son côté. Mark prétend qu'il est innocent et qu'il s'est rendu compte de rien, Jake veut croire en son innocence. Contrairement à la justice japonaise car, pour elle, toute personne est considérée coupable jusqu'à ce que la police ait les moyens de le prouver. Ce qui fait que Mark va accumuler facilement les jours de garde à vue avant d'être jugé. Jake va ainsi retracer la vie de Mark dès son arrivée au Japon en 2009, ses débuts dans l'entreprise qu'il crée, les failles qu'il va laisser se creuser dans son système qui fait que de l'argent va disparaître sans qu'il ne s'en rende compte. Le journaliste a fouillé profondément dans beaucoup de secteurs, nous expliquant à nous, lecteurs, ce qu'est le bitcoin, ce qu'il représente et surtout tous les travers qu'il engendre. Le bitcoin étant une monnaie virtuelle, il va permettre de financer en toute liberté des ventes de drogues, d'armes, en passant par l'intermédiaire du Dark Web. Jake va avoir à sa connaissance des sociétés qui n'existent que dans l'illégalité. Il va ainsi y trouver mêlées des personnes qui se cachent sous des pseudos et qui ne seront jamais identifiées, mais aussi des agents, des gens éminents dans leur pays. Tout un réseau formant une toile d'araignée inextricable.
Jake nous explique également le fonctionnement de la justice japonaise, et c'est totalement différent de ce que l'on peut connaître. Entre la culpabilité qui est tout de suite annoncée sans être prouvée (le mot « présumé » n'existe pas dans leur vocabulaire juridique) et la multitude de chefs d'accusation que la police trouve et ajoute pour garder l'accusé le plus longtemps possible en prison, on se rend compte de la difficulté pour prouver son innocence. Il ne fait pas bon tomber aux mains de la justice au Japon ! Et surtout, il faut un dossier en béton, une très bonne défense et bien sûr ne pas avoir fait le moindre faux pas dans sa vie car ils décortiquent tout et ne sont pas regardant pour rajouter de vieux dossiers !
Au moment où Jake finit ce livre, le 25 décembre 2018, la justice n'est toujours pas rendue, Mark Karpelès risque un nouveau procès, et les bitcoins ne sont toujours pas retrouvés. cC'est hallucinant de voir toutes les ramifications que tout cela peut avoir, dans plusieurs pays.
J'ai apprécié cette lecture, j'ai surtout beaucoup aimé suivre le cheminement et le raisonnement de Jake Adelstein, retracer toute l'histoire de cette entreprise, du bitcoin, de sa facilité pour payer et surtout pour frauder. J'ai appris beaucoup, que ce soit au sujet de la monnaie virtuelle et de tout ce qu'elle peut donner, mais aussi sur l'enquête en elle-même, rendue très intéressante par le journaliste. Il a mené ce roman comme un reportage, que je verrais d'ailleurs bien télévisé. C'est en tout cas un sujet passionnant.
L'auteur a rendu cette lecture abordable par tous, il explique très bien les différents termes, les situations des différentes personnes, les enjeux politiques, les dessous des affaires. Il a une façon de raconter assez passionnante, qui m'a en tout cas fortement intéressée et intriguée.
La lecture de ce roman m'a donné envie de découvrir les autres romans de Jake Adelstein et notamment Le Dernier des Yakuzas. Encore un sujet qui doit regorger de dessous bien secrets et noirs..
Ce roman est à découvrir, parce qu'il parle d'un sujet peu connu et pourtant toujours d'actualité et aussi pour mieux connaître les rouages de la justice japonaise.
Après les yakuzas, il va mener cette fois une longue enquête sur la monnaie virtuelle qu'est le Bitcoin. Tout commence par l'arrestation de Mark Karpelès. Il est le dirigeant de la société la plus importante en échange de Bitcoins. Elle est basée au Japon. Le souci est que près de 850 000 bitcoins ont disparu. Le dirigeant de la société est tout de suite accusé et arrêté par la police japonaise. Jake, aidée de Nathalie Stucky, va mener l'enquête de son côté. Mark prétend qu'il est innocent et qu'il s'est rendu compte de rien, Jake veut croire en son innocence. Contrairement à la justice japonaise car, pour elle, toute personne est considérée coupable jusqu'à ce que la police ait les moyens de le prouver. Ce qui fait que Mark va accumuler facilement les jours de garde à vue avant d'être jugé. Jake va ainsi retracer la vie de Mark dès son arrivée au Japon en 2009, ses débuts dans l'entreprise qu'il crée, les failles qu'il va laisser se creuser dans son système qui fait que de l'argent va disparaître sans qu'il ne s'en rende compte. Le journaliste a fouillé profondément dans beaucoup de secteurs, nous expliquant à nous, lecteurs, ce qu'est le bitcoin, ce qu'il représente et surtout tous les travers qu'il engendre. Le bitcoin étant une monnaie virtuelle, il va permettre de financer en toute liberté des ventes de drogues, d'armes, en passant par l'intermédiaire du Dark Web. Jake va avoir à sa connaissance des sociétés qui n'existent que dans l'illégalité. Il va ainsi y trouver mêlées des personnes qui se cachent sous des pseudos et qui ne seront jamais identifiées, mais aussi des agents, des gens éminents dans leur pays. Tout un réseau formant une toile d'araignée inextricable.
Jake nous explique également le fonctionnement de la justice japonaise, et c'est totalement différent de ce que l'on peut connaître. Entre la culpabilité qui est tout de suite annoncée sans être prouvée (le mot « présumé » n'existe pas dans leur vocabulaire juridique) et la multitude de chefs d'accusation que la police trouve et ajoute pour garder l'accusé le plus longtemps possible en prison, on se rend compte de la difficulté pour prouver son innocence. Il ne fait pas bon tomber aux mains de la justice au Japon ! Et surtout, il faut un dossier en béton, une très bonne défense et bien sûr ne pas avoir fait le moindre faux pas dans sa vie car ils décortiquent tout et ne sont pas regardant pour rajouter de vieux dossiers !
Au moment où Jake finit ce livre, le 25 décembre 2018, la justice n'est toujours pas rendue, Mark Karpelès risque un nouveau procès, et les bitcoins ne sont toujours pas retrouvés. cC'est hallucinant de voir toutes les ramifications que tout cela peut avoir, dans plusieurs pays.
J'ai apprécié cette lecture, j'ai surtout beaucoup aimé suivre le cheminement et le raisonnement de Jake Adelstein, retracer toute l'histoire de cette entreprise, du bitcoin, de sa facilité pour payer et surtout pour frauder. J'ai appris beaucoup, que ce soit au sujet de la monnaie virtuelle et de tout ce qu'elle peut donner, mais aussi sur l'enquête en elle-même, rendue très intéressante par le journaliste. Il a mené ce roman comme un reportage, que je verrais d'ailleurs bien télévisé. C'est en tout cas un sujet passionnant.
L'auteur a rendu cette lecture abordable par tous, il explique très bien les différents termes, les situations des différentes personnes, les enjeux politiques, les dessous des affaires. Il a une façon de raconter assez passionnante, qui m'a en tout cas fortement intéressée et intriguée.
La lecture de ce roman m'a donné envie de découvrir les autres romans de Jake Adelstein et notamment Le Dernier des Yakuzas. Encore un sujet qui doit regorger de dessous bien secrets et noirs..
Ce roman est à découvrir, parce qu'il parle d'un sujet peu connu et pourtant toujours d'actualité et aussi pour mieux connaître les rouages de la justice japonaise.
February 10, 2026
Meh. Adelstein appears to have had an in on the ground floor of one of the biggest financial stories of our time. He doesn't make the most of it. I don't know much about Bitcoin, but there wasn't much in this book that I didn't already know. Shame because I've enjoyed Adelstein's other books.
June 21, 2025
Book Review: The Devil Takes Bitcoin: Cryptocurrency Crimes and the Japanese Connection by Jake Adelstein
Rating: 4.5/5
Reviewer’s Perspective & Initial Reactions
As a female sociologist and public health professional, I approached Adelstein’s exposé with a dual lens: critiquing the systemic inequities embedded in cryptocurrency’s rise and its collateral damage to vulnerable communities. While the book is framed as a true-crime narrative, its unflinching dissection of Bitcoin’s dark underbelly—from Silk Road’s drug markets to Mt. Gox’s collapse—resonated with my research on how deregulated systems exacerbate public health crises (e.g., addiction, financial precarity). Adelstein’s gritty, journalistic prose evoked both fascination at the audacity of these crimes and visceral discomfort at their human toll, particularly in Japan’s marginalized communities.
Strengths & Emotional Impact
-Structural Critique in Disguise: The book’s portrayal of absent-minded CEOs and corrupt federal agents inadvertently indicts late-stage capitalism’s failures. As a sociologist, I appreciated how it revealed cryptocurrency as a microcosm of broader systemic rot—though Adelstein stops short of explicit theorization.
-Public Health Implications: The ties between Bitcoin and illicit drug trade (e.g., Silk Road) underscored parallels to my work on substance abuse and digital harm reduction. The lack of regulatory oversight—a recurring theme—mirrors gaps in public health infrastructure.
-Emotional Resonance: Chapters on Mt. Gox’s collapse elicited a sense of injustice, particularly for small investors wiped out by corporate negligence. The gendered angle (e.g., male-dominated tech culture’s recklessness) simmered beneath the surface, begging for deeper analysis.
Constructive Criticism
-Intersectional Gaps: Adelstein’s focus on high-profile players (hackers, CEOs) sidelines how women, low-income traders, and racial minorities bear disproportionate risks in crypto’s Wild West. A public health lens demands this equity analysis.
-Policy Solutions Missing: While diagnosing crypto’s chaos brilliantly, the book offers few pathways for regulation or consumer protection—a missed opportunity to bridge journalism and advocacy.
-Cultural Nuance: The Japan-centric narrative occasionally universalizes crypto’s harms without contrasting how Global South economies experience them differently (e.g., crypto-colonialism).
Why This Book Matters
The Devil Takes Bitcoin is a riveting, if unsettling, primer on cryptocurrency’s collateral damage. Its journalistic flair makes systemic critique accessible, though scholars must supplement its gaps with intersectional and policy-oriented research.
Thank you to the publisher for the free copy via Edelweiss. Rated 4.5/5—a must-read for critics of tech libertarianism, with caveats about its silences.
Pair With: Digital Cash (Finn Brunton) for crypto’s ideological roots or Weapons of Math Destruction (O’Neil) for algorithmic harm. Ideal for readers seeking a page-turning yet substantive critique of tech’s dark side.
Rating: 4.5/5
Reviewer’s Perspective & Initial Reactions
As a female sociologist and public health professional, I approached Adelstein’s exposé with a dual lens: critiquing the systemic inequities embedded in cryptocurrency’s rise and its collateral damage to vulnerable communities. While the book is framed as a true-crime narrative, its unflinching dissection of Bitcoin’s dark underbelly—from Silk Road’s drug markets to Mt. Gox’s collapse—resonated with my research on how deregulated systems exacerbate public health crises (e.g., addiction, financial precarity). Adelstein’s gritty, journalistic prose evoked both fascination at the audacity of these crimes and visceral discomfort at their human toll, particularly in Japan’s marginalized communities.
Strengths & Emotional Impact
-Structural Critique in Disguise: The book’s portrayal of absent-minded CEOs and corrupt federal agents inadvertently indicts late-stage capitalism’s failures. As a sociologist, I appreciated how it revealed cryptocurrency as a microcosm of broader systemic rot—though Adelstein stops short of explicit theorization.
-Public Health Implications: The ties between Bitcoin and illicit drug trade (e.g., Silk Road) underscored parallels to my work on substance abuse and digital harm reduction. The lack of regulatory oversight—a recurring theme—mirrors gaps in public health infrastructure.
-Emotional Resonance: Chapters on Mt. Gox’s collapse elicited a sense of injustice, particularly for small investors wiped out by corporate negligence. The gendered angle (e.g., male-dominated tech culture’s recklessness) simmered beneath the surface, begging for deeper analysis.
Constructive Criticism
-Intersectional Gaps: Adelstein’s focus on high-profile players (hackers, CEOs) sidelines how women, low-income traders, and racial minorities bear disproportionate risks in crypto’s Wild West. A public health lens demands this equity analysis.
-Policy Solutions Missing: While diagnosing crypto’s chaos brilliantly, the book offers few pathways for regulation or consumer protection—a missed opportunity to bridge journalism and advocacy.
-Cultural Nuance: The Japan-centric narrative occasionally universalizes crypto’s harms without contrasting how Global South economies experience them differently (e.g., crypto-colonialism).
Why This Book Matters
The Devil Takes Bitcoin is a riveting, if unsettling, primer on cryptocurrency’s collateral damage. Its journalistic flair makes systemic critique accessible, though scholars must supplement its gaps with intersectional and policy-oriented research.
Thank you to the publisher for the free copy via Edelweiss. Rated 4.5/5—a must-read for critics of tech libertarianism, with caveats about its silences.
Pair With: Digital Cash (Finn Brunton) for crypto’s ideological roots or Weapons of Math Destruction (O’Neil) for algorithmic harm. Ideal for readers seeking a page-turning yet substantive critique of tech’s dark side.
January 22, 2026
Another brilliant book by Jake Adelstein.
January 17, 2026
You can read this book as a crime novel or as a history account of a world in the making. Or both. Very informed, as usual, Jake Adelstein is revealing the dark sides of bitcoin and dark web (like Mt. Gox and Silk Road), where politics and crime meet judicial proceedings (Japanese ones, many of them I wasn´t very much aware of). Well documented, written with humour and empathic insights.
Advance audio version provided via NetGalley
Advance audio version provided via NetGalley
March 28, 2025
The Devil Takes Bitcoin
2025 is the year of Bitcoin books. The first book about bitcoin I read was Benjamin Wallace’s The Mysterious Mr. Nakamoto & then last night I read another book about bitcoin titled The Devil Takes Bitcoin by Jake Adelstein. Yes, the same Jake Adelstein who’s written the famous Tokyo Vice, The Last Yakuza, Operation Tropical Storm & Tokyo Noir. Join Jake Adelstein & Nathalie Stucky, as they work to help Mark Kepeles clear his name and expose the true villain who had stolen half a billion dollars in bitcoin in one of the biggest heists ever.
Writing, Pacing, Information Both Old & New
As always, Jakes writing is easy to follow and flows well. The book is a quick read and it’s fast paced and kept my interest. I started reading it in the evening and finished it around 10 or 11 pm last night. I’m a fast reader anyway, but when a book keeps my attention in this way, I finish it in a day or day and a half. The book begins with a basic explanation of what Bitcoin is before diving deep into Mark Kepeles and the suspects as to who is the real Satoshi Nakamoto, many of which are also mentioned in Benjamin Wallace’s The Mysterious Mr. Nakamoto. It was also interesting learning about Silk Road and Ross Ulbricht, its creator. It was also interesting learning about the real thief who stole half a billion dollars in Bitcoin. If you enjoy nonfiction, & bitcoin preorder The Devil Takes Bitcoin by Jake Adelstein, coming out in October! Thank you, Jake, for the early copy and I look forward to doing another Behind The Book Q&A with you discussing the book!
2025 is the year of Bitcoin books. The first book about bitcoin I read was Benjamin Wallace’s The Mysterious Mr. Nakamoto & then last night I read another book about bitcoin titled The Devil Takes Bitcoin by Jake Adelstein. Yes, the same Jake Adelstein who’s written the famous Tokyo Vice, The Last Yakuza, Operation Tropical Storm & Tokyo Noir. Join Jake Adelstein & Nathalie Stucky, as they work to help Mark Kepeles clear his name and expose the true villain who had stolen half a billion dollars in bitcoin in one of the biggest heists ever.
Writing, Pacing, Information Both Old & New
As always, Jakes writing is easy to follow and flows well. The book is a quick read and it’s fast paced and kept my interest. I started reading it in the evening and finished it around 10 or 11 pm last night. I’m a fast reader anyway, but when a book keeps my attention in this way, I finish it in a day or day and a half. The book begins with a basic explanation of what Bitcoin is before diving deep into Mark Kepeles and the suspects as to who is the real Satoshi Nakamoto, many of which are also mentioned in Benjamin Wallace’s The Mysterious Mr. Nakamoto. It was also interesting learning about Silk Road and Ross Ulbricht, its creator. It was also interesting learning about the real thief who stole half a billion dollars in Bitcoin. If you enjoy nonfiction, & bitcoin preorder The Devil Takes Bitcoin by Jake Adelstein, coming out in October! Thank you, Jake, for the early copy and I look forward to doing another Behind The Book Q&A with you discussing the book!
Review of advance copy received from Netgalley
What this is: an accessible history on the advent and evolution of bitcoin and more specifically, the bankruptcy of Mt Gox and the trial surrounding its owner.
What it is not: any tie ins to how Japanese crime specifically is funded or aided by bitcoin.
That was my bad for interpreting the title like this surely! But once I realized what was going on, I was seated and listening. I confess to not know a ton about bitcoin, a) not being a rich person and b) caring about what energy consumption does to the environment, so this was a really decent education in what's all going on, the mysterious (and probably pseudonym'd) Satoshi Nakamura), a quick primer on the Silk Road (which I was more aware of), and also how the Japanese crime industry works (which I was also unfortunately aware of). Everything is explained in a way that people coming in completely blind to any of these topics would know quite a bit more on the outset! It was, in short, pretty good and really interesting.
The narrator was very, "just the facts, ma'am," which works for crime reporting, but unfortunately his Japanese pronunciation left some things to be desired (shibuYA, etc). Not the worst I've heard, but not great, either. But, every time he wasn't saying Japanese words (so the vast majority of the book!) it was easy to listen to.
Thank you to Tantor Media/Tantor Audio and NetGalley for the ALC for review!
What it is not: any tie ins to how Japanese crime specifically is funded or aided by bitcoin.
That was my bad for interpreting the title like this surely! But once I realized what was going on, I was seated and listening. I confess to not know a ton about bitcoin, a) not being a rich person and b) caring about what energy consumption does to the environment, so this was a really decent education in what's all going on, the mysterious (and probably pseudonym'd) Satoshi Nakamura), a quick primer on the Silk Road (which I was more aware of), and also how the Japanese crime industry works (which I was also unfortunately aware of). Everything is explained in a way that people coming in completely blind to any of these topics would know quite a bit more on the outset! It was, in short, pretty good and really interesting.
The narrator was very, "just the facts, ma'am," which works for crime reporting, but unfortunately his Japanese pronunciation left some things to be desired (shibuYA, etc). Not the worst I've heard, but not great, either. But, every time he wasn't saying Japanese words (so the vast majority of the book!) it was easy to listen to.
Thank you to Tantor Media/Tantor Audio and NetGalley for the ALC for review!
November 30, 2025
Fascinating, slick, and entertaining true-crime book that solves the mystery of the infamous collapse of the Mt. Gox cryptocurrency exchange in Tokyo, where nearly half a billion dollars' worth of Bitcoin went missing between 2011 and 2013. This book expands several investigative stories that Adelstein wrote for The Daily Beast that I read several years ago, so I was pleased the book solves the mystery of the theft and wraps things up nicely in a satisfying conclusion. This is an intriguing heist story as well as an excellent primer on Bitcoin, cryptocurrency exchanges, cybersecurity, the Japanese justice system, corrupt presidential pardons, and the dark web.
This book is similar to Easy Money by Ben McKenzie and Jacob Silverman for its slick on-the-ground reporting style, a trademark of New Journalism, but I liked this book slightly more due to Adelstein's investigative skill, his clever and knowledgeable sources, and his obsessive determination over several years to expose the dark underside of the cryptocurrency industry. It's a wild tale.
This book is similar to Easy Money by Ben McKenzie and Jacob Silverman for its slick on-the-ground reporting style, a trademark of New Journalism, but I liked this book slightly more due to Adelstein's investigative skill, his clever and knowledgeable sources, and his obsessive determination over several years to expose the dark underside of the cryptocurrency industry. It's a wild tale.
January 4, 2026
This book is hard to define as it a mismash of different story lines.
There is some forensic anthology of Bitcoin and the key players involved in the birth of Bitcoin together with some high level introduction to the concepts of digital currency and blockchain. I found that part interesting even if at times overly detailed and protracted.
The second part of the book describes the frenzy that drove the early adoption of Bitcoin for the purposes of funding criminal activities or for pure speculative purposes. It provides good insight in the limitations of a system where there is no legal supervision or oversight in place, where no reliable exchange platform exists and where it is relatively easy to steal Bitcoins from people’s wallets. What could be described as the Bitcoin Wild West.
The third part then focuses on various legal investigations mostly taking place in Japan which is the least interesting part of the book in my opinion.
Overall some useful background to the origins of Bitcoin and its messy beginnings as well as some interesting insights into the main characters in the Bitcoin saga but I found the book lacking clear purpose and direction.
There is some forensic anthology of Bitcoin and the key players involved in the birth of Bitcoin together with some high level introduction to the concepts of digital currency and blockchain. I found that part interesting even if at times overly detailed and protracted.
The second part of the book describes the frenzy that drove the early adoption of Bitcoin for the purposes of funding criminal activities or for pure speculative purposes. It provides good insight in the limitations of a system where there is no legal supervision or oversight in place, where no reliable exchange platform exists and where it is relatively easy to steal Bitcoins from people’s wallets. What could be described as the Bitcoin Wild West.
The third part then focuses on various legal investigations mostly taking place in Japan which is the least interesting part of the book in my opinion.
Overall some useful background to the origins of Bitcoin and its messy beginnings as well as some interesting insights into the main characters in the Bitcoin saga but I found the book lacking clear purpose and direction.
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