Bitcoin abandonment lawsuit faces dismissal push after wallets moved funds

A New York lawsuit seeking ownership of long-dormant bitcoin addresses is drawing broader resistance as the Bitcoin Policy Institute formally steps in to oppose a claim covering about 3.7 million BTC across roughly 39,000 wallets. The plaintiffs, led by Noah Doe, argue under New York’s lost-and-found law that years of inactivity amount to abandonment and say they reported the addresses to the NYPD, sent OP_RETURN messages to try to reach owners, waited 90 days and then asked the court to award them the assets. BPI, represented by White & Case, said it filed to intervene as a defendant, submitted a proposed answer with 15 affirmative defenses and plans to seek dismissal. The targeted addresses include about 1.10 million BTC from Satoshi-era wallets and nearly 80,000 BTC linked to the 2011 Mt. Gox hack, which Galaxy Research valued at nearly $274 billion in late May. Judge Kathy J. King has paused the case until a July 14 hearing. Attorney Ian Cohen and the Digital Chamber have already filed amicus briefs against the suit, while pseudonymous defendant John Doe 33 argues public bitcoin addresses are not legal persons, copying address data to a USB drive does not amount to possession, and OP_RETURN messages are not reliable notice. Analysts have also said the claim may be unenforceable because bitcoin cannot be reassigned without the private keys, which the plaintiffs acknowledge they do not have.