- An anonymous entity seeks legal title to ~3.8 million dormant BTC, including Satoshi’s, valued at ~$245 billion.
- The claimant values each wallet below $10 to exploit a New York lost property law loophole for a faster claim.
- A New York judge has scheduled a pivotal hearing for July 14 after an attorney filed an amicus brief opposing the claim.
- Legal service was attempted by sending “dust” transactions to the wallets, a method critics call “a broadcast into a void.”
- Recent movements from some named wallets challenge the core argument that the funds were abandoned.
A New York judge is set to hear arguments on July 14 regarding an unprecedented legal bid for ownership of roughly 3.8 million Bitcoin. The anonymous claimant, Noah Doe, filed suit in New York County Supreme Court seeking title to the massive stash, which is worth approximately $245 billion.
However, the plaintiffs pegged each wallet’s value under $10 to exploit New York’s lost property statute. This law can expedite claims for items worth less than $10, a strategy attorney Ian Cohen calls preposterous in his amicus brief.
Consequently, Cohen successfully moved to stay the case, demanding transparency. “If you want a judge to hand you Satoshi’s coins you should have to say your name out loud,” he posted. The defendants are approximately 39,000 wallet addresses notified via blockchain transactions.
This notification method was criticized as indistinguishable from spam. Meanwhile, evidence suggests the wallets may not be abandoned, as Galaxy Research counted 52 addresses moving funds after the suit’s filing.
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