Dormant Bitcoin wallet case narrows after 44 named addresses move funds

A New York Supreme Court lawsuit seeking ownership of long-dormant Bitcoin wallets has narrowed after plaintiffs dropped 44 of the 39,069 named addresses when those wallets showed on-chain activity. The case, filed by “Noah Doe” and two Wyoming entities, asks the court to treat the wallets as abandoned property under New York’s lost-and-found law. The original claim covered about 3.7 million BTC, including addresses linked to Satoshi Nakamoto and the Mt. Gox hacker. Alex Thorn, Galaxy Research head, said the 44 removed wallets held 21,443 BTC when the case began, later moved 46,334 BTC on-chain, and now hold about 3,097 BTC. The complaint itself said wallets showing on-chain action would be removed, making the latest filing a significant test of the plaintiffs’ dormancy theory. The update follows other movements from named wallets, including a 30 BTC address that transferred funds after nearly 15 years of inactivity. The lawsuit has faced growing opposition from attorney Ian R. Cohen and Digital Chamber, both of which argue that dormant self-custodied Bitcoin does not become abandoned property simply because it remains untouched on-chain. Proceedings have been stayed pending a July 14 hearing on procedural issues. Even if the plaintiffs were to win a legal declaration of ownership, control of any Bitcoin would still depend on the private keys, though such a ruling could create complications if coins later reached a regulated exchange or custodian.