'Victim' of Newsweek story launches bitcoin fund

Dorian S. Nakamoto, identified by Newsweek magazine as the founder of Bitcoin, exits his home surrounded by members of the media in Temple City, California.
Jonathan Alcorn | Bloomberg | Getty Images

After vigorously disputing a Newsweek cover story in March, Dorian Satoshi Nakamoto on Monday launched a legal defense fund for an expected lawsuit against the magazine, Engadget reported.

Bitcoin is one of the accepted donation methods on the fund's website and Twitter account, both named "NewsweekLied."

Click here for the tweet

Some bitcoin fans have contested Newsweek's claim that Nakamoto is "the face of bitcoin," and none more so than the subject of the story himself, who has denied any connection to the digital currency.

Read MoreBitcoin 'BearWhale' rattles cryptocurrency world

Nakamoto is a 65-year-old unemployed engineer living in California and has received about $23,000 in Bitcoin for personal use so far, his website said.

Newsweek's owner, International Business Times, did not immediately respond to CNBC's requests for comment.

Read the full story on Engadget.