Roger Yu

USA TODAY

Dorian Satoshi Nakamoto, the Los Angeles area engineer who was named by Newsweek earlier this month as the founder of Bitcoin, has hired a lawyer and issued a statement Monday "to clear his name."

"I did not create, invent or otherwise work on Bitcoin," he said in the statement released through his lawyer, Ethan Kirschner. "I unconditionally deny the Newsweek report."

In its first print issue under new owner IBT Media, Newsweek published a cover story on March 7 that named Nakamoto as the man behind the trendy but trouble-plagued digital currency and detailed his engineering background. The author, Leah McGrath Goodman, reached out to the 64-year old Nakamoto by inquiring about his toy train collection and traveled to his house in Temple City, Calif., to seek an in-person meeting.

In the story, Nakamoto was quoted as telling Goodman in front of his house: "I am no longer involved in that and I cannot discuss it. It's been turned over to other people. They are in charge of it now. I no longer have any connection."

After the story ran, Nakamoto told the Associated Press that Goodman misunderstood him, explaining that he had been referring to his engineering work. "The first time I heard the term 'bitcoin' was from my son in mid-February 2014," Nakamoto said in the statement. "After being contacted by a reporter, my son called me and used the word, which I had never before heard."

Nakamoto said he has been unable to find steady work as an engineer or programmer for 10 years, and his employment outlook has been worsened by the story.

"I have worked as a laborer, polltaker, and substitute teacher. I discontinued my Internet service in 2013 due to severe financial distress. I am trying to recover from prostate surgery in October 2012 and a stroke I suffered in October of 2013. My prospects for gainful employment has been harmed because of Newsweek's article," he wrote. "Newsweek's false report has been the source of a great deal of confusion and stress for myself, my 93-year old mother, my siblings, and their families."

Newsweek said it has not received any statement or letter from Nakamoto or his lawyer. "If and when we do, we will respond as necessary," it said in a statement. Its editor, Jim Impoco, has said he stands by the story.