A pseudonymous plaintiff identified as “Noah Doe,” along with two Wyoming-based LLCs, ABC Company and XYZ Company, has initiated a significant lawsuit in New York, aimed at establishing legal ownership over approximately 3.8 million Bitcoin (BTC). This Bitcoin, valued at around $293 billion, is currently stored in dormant addresses, some of which have not seen activity for years.
The lawsuit, filed on March 11, invokes Article 7-B of the New York Personal Property Law, which pertains to lost-and-found property. The law allows individuals who report lost property and do not receive a response from the rightful owner within a specified period to lay claim to the property. According to the lawsuit, the 3.8 million Bitcoin are categorized as “lost property” sitting in a total of 39,069 dormant addresses.
In a bid to substantiate his claims, Noah Doe detailed these Bitcoin addresses and transferred the information to USB drives, which were delivered in segments to the New York Police Department’s 17th Precinct between December 2024 and April 2025. Additionally, he sent OP_RETURN messages urging current holders of these wallets to assert their ownership within 90 days; otherwise, the Bitcoin would be considered lost property.
Among the wallets named in this legal effort is a Satoshi-era account, 1LwWtSs7tMCwcRczQd5kVMv3xpWw6w4Sxe, which received 35.55 Bitcoin on March 27, 2011, when Bitcoin was worth less than one dollar. According to blockchain data, this wallet later moved some of its Bitcoin, sending 15 BTC to a new address while retaining 20.55 BTC. Another Satoshi-era wallet, identified as 18sLgPeB9wQVrE8JoWqtKtnucbsx3Lw1m7, initially acquired 47.25 Bitcoin on June 17, 2011, and despite being inactive for nearly 15 years, it recently executed a transaction moving the same amount of Bitcoin.
Galaxy Research, an on-chain analysis platform, has noted both of these significant transactions, with its research lead, Alex Thorn, pointing out that many coins from 2011, supposedly “lost” in the lawsuit, are not “abandoned” but rather are being reactivated and moved on-chain.
However, the lawsuit has encountered legal challenges. On May 29, New York attorney Ian R. Cohen filed a proposed order to show cause with an amicus curiae brief in New York County Supreme Court, contesting Noah Doe’s claims. Cohen argues that Article 7-B applies only to tangible objects and does not cover data on a distributed blockchain, emphasizing that Bitcoin cannot physically be turned over to the police. He asserts that mere dormancy does not equate to abandonment and that abandonment necessitates an intentional relinquishment of ownership, accompanied by a clear external act reflecting that intent.
On June 5, Judge Kathy King responded to these developments by halting any move toward a default judgment and scheduling a hearing for July 14 to deliberate on Cohen’s amicus motion. As these legal proceedings unfold, the implications for digital asset ownership and legal interpretations surrounding blockchain technology could be profound.
