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Lost and Found or Legal Loophole? New York Lawsuit Seeks Control of 39,000 Dormant Bitcoin Wallets

On May 25, a lawsuit filed in New York on May 1 is seeking a court ruling to claim ownership of 39,069 long-dormant Bitcoin wallets, raising significant legal questions regarding lost crypto assets and property law. The plaintiffs, Noah Doe and two Wyoming LLCs (ABC Company and XYZ Company), assert that the Bitcoin associated with these addresses constitutes 'abandoned' property under the law and has been reported to the New York Police Department in accordance with New York's lost property law. The lawsuit includes wallets from early Bitcoin miners and even addresses linked to Bitcoin's creator, Satoshi Nakamoto. However, the legal basis of the lawsuit is questionable. Even if the court rules in favor of the plaintiffs, enforcement would be technically impossible, as the Bitcoin network lacks a mechanism for 'redistributing funds without a private key.' Analysts from research firm Castle Labs note that the only exception would be if these coins were transferred to a regulated custodian or trading platform, in which case the court could compel the intermediary to act. The lawsuit lists a total of 39,069 Bitcoin addresses, but the founder of on-chain analysis platform Timechain Index estimates that these addresses hold approximately 3.7 million Bitcoins (worth about $285 billion), far exceeding the amount claimed by the plaintiffs. Analysts also pointed out that the plaintiffs sent legal notices to address formats unrelated to the balances, indicating a structural flaw in their approach. Data shows that there are currently 3.5 million Bitcoins that have been dormant for 10 years and 6.6 million Bitcoins that have been dormant for over 5 years.

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