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New York judge stays lawsuit over 39,069 Bitcoin wallets amid dormant address activity

New York judge stays lawsuit over 39,069 Bitcoin wallets amid dormant address activity

Plaintiffs Noah Doe and two Wyoming LLCs seek about 3.80 million BTC under a New York lost- or abandoned-property theory; the case is paused pending a July 14 amicus hearing after a June 2 transfer from a 2011 defendant wallet.

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Fact Check
Every specific element of the claim is corroborated by multiple credible sources. The Block confirms Justice Kathy J. King's June 5 stay order and the July 14 amicus hearing on Ian R. Cohen's brief. CoinDesk and Galaxy Research confirm plaintiff Noah Doe with two Wyoming LLCs (ABC Company and XYZ Company), 39,069 wallets named as defendants, ~3.8 million BTC sought under NY's lost-or-abandoned property theory, and the June 2 transfer from a defendant wallet that had been dormant since March 2011. The only minor discrepancy is the dollar valuation (claim is silent on this; sources variously cite ~$234B, $285B, or $293B depending on date), but the structural facts all match.
Summary

A New York Supreme Court judge has paused the lawsuit in which pseudonymous plaintiff "Noah Doe" and two Wyoming LLCs described as shell companies seek ownership of 39,069 dormant Bitcoin wallets, or about 3.80 million BTC, under a New York lost- or abandoned-property theory, and set a July 14 hearing on a proposed amicus brief. The dispute drew added scrutiny after a Bitcoin address dormant since March 2011 moved 35.55 BTC on June 2, sending 15 BTC and returning 20.55 BTC as change; Galaxy Research's Alex Thorn said the address is defendant No. 38215, suggesting the coins were not abandoned, while attorney Ian R. Cohen argues the legal framework applies to tangible property and that without the private keys any court-ordered transfer would not provide practical control of the assets.

Terms & Concepts
  • amicus brief: A filing by a non-party intended to offer a court additional legal arguments or expertise.
  • private keys: Cryptographic credentials that allow a holder to control and transfer assets from a digital wallet.
  • New York lost- or abandoned-property law: State-law rules cited in the case to argue that long-unclaimed or dormant property can be legally claimed or transferred.