- Over 39,000 Bitcoin addresses received legal notices from Salomon Brothers in 2024.
- The firm seeks to repossess $279 billion in dormant Bitcoin using blockchain notifications.
- The campaign used “dusting” with small Bitcoin transactions containing legal messages.
- Salomon Brothers claims its efforts aim to protect Bitcoin from exploitation by malicious actors.
- Analysts raise doubts about the legal basis and compare the campaign’s tactics to phishing schemes.
In 2024, thousands of Bitcoin holders received blockchain-based legal notices from an entity calling itself Salomon Brothers. The firm attempted to claim ownership of 2.3 million dormant Bitcoin by contacting more than 39,000 wallet addresses.
This campaign, revealed in a report by Galaxy Research, sought to reach holders of inactive coins worth over $279 billion. Salomon Brothers sent small Bitcoin transactions, embedding legal claims within the blockchain using an “OP_RETURN output”—a feature allowing data to be attached to a Bitcoin transaction.
The notices threatened recipients with the idea of “constructive possession,” a legal term meaning someone may be considered the owner of property if they do not respond or prove the assets are not abandoned. Some notices also included unusual messages. One read, “Thank you for giving birth to me. Now you get real money back.”
Salomon Brothers claimed their actions were intended to safeguard the Bitcoin network and prevent dormant coins from being targeted by “rogue states” exploiting older security standards. The firm insisted it was not seeking to harm the crypto market or claim active wallets. Galaxy Research, however, pointed out the campaign targeted only “P2PKH” addresses—wallet types that are less vulnerable to risks like quantum computing attacks than older address formats.
Galaxy concluded that Salomon Brothers might be trying to use blockchain transactions as legal notice in preparation for possible litigation. The report noted that while the legal impact remains unclear, the large-scale dusting campaign may not just be a “behavioural experiment.” Previous reports likened the approach to a phishing operation, highlighting red flags on the firm’s website such as unwanted downloads and grammatical errors.
The Salomon Brothers name was a major brand in finance during the early 20th century. According to Galaxy, the current usage appears linked to former affiliates of the original company, who are believed to be running this legal campaign.
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