A lawsuit in New York over the ownership of a dormant Bitcoin address is still ongoing, during which a wallet on the list transferred 30 BTC—approximately $1.88 million at current prices—after remaining inactive for nearly 15 years. The transfer occurred while the court had paused proceedings, reigniting attention on the ownership of these long-dormant addresses.
A new transfer has been detected in the involved wallet.
This lawsuit was filed by a plaintiff using the pseudonym "Noah Doe" and two companies registered in Wyoming, seeking a New York court's determination that the listed Bitcoin wallets constitute abandoned property under Article 7-B of New York's Personal Property Law.
The plaintiff states that some wallet holders permanently lost access due to a security vulnerability. They indicate that, prior to filing the lawsuit, they spent over a year attempting to identify the controllers of the relevant addresses but were unable to complete confirmation.
The number of disputed addresses reaches 39,069.
According to the complaint, a total of 39,069 addresses are at issue, including wallets widely associated with Bitcoin’s founder, Satoshi Nakamoto. Sani, founder of the blockchain analytics platform Timechain Index, stated that these addresses collectively hold approximately 3.7 million BTC, valued at around $234 billion at current prices.
The 30 BTC transferred in this transaction originated from one of the long-dormant addresses. The report also noted that, as the case progresses, additional dormant addresses linked to this case have begun showing signs of activity.
- The involved transfer amount was 30 BTC.
- The wallet had been inactive for nearly 15 years.
- The disputed addresses collectively hold approximately 3.7 million BTC.
The court will hear oral arguments next week.
New York State Supreme Court Judge Kathy J. King ordered a stay on further proceedings in June, pending oral arguments scheduled for July 14. The order also restricts the plaintiff from seeking a default judgment prior to the hearing.
Meanwhile, a defendant identifying himself as "John Doe 33," who claims control over one of the addresses, has requested the court to dismiss the case. He argues that Bitcoin addresses are merely data strings and not legal entities, and therefore cannot be subject to litigation.
Additionally, merger and acquisition attorney Ian R. Cohen has applied to participate in the case as amicus curiae, challenging the plaintiff’s interpretation of New York’s abandoned property laws, particularly opposing the direct application of the rule to self-custodied Bitcoin wallets.
The core issue in this case is whether long-inactive on-chain addresses can be considered abandoned property under current law. If the court accepts this reasoning, it could have broader implications for the ownership determination of dormant crypto assets.