Digital Chamber Opposes Lawsuit Seeking Ownership of Dormant Bitcoin Addresses

The Digital Chamber has filed an amicus brief in a New York Supreme Court case that seeks to claim ownership of 39,069 dormant Bitcoin addresses. The plaintiffs, 'Noah Doe' and two Wyoming-based companies, argue that these wallets are abandoned property under New York's lost-property law.

However, the Digital Chamber opposes this theory, stating that it could create uncertainty for self-custody users and affect the foundational principles of digital property ownership. They warn that a ruling in favor of the plaintiffs could reach beyond crypto and impact broader financial markets.

The listed addresses hold an estimated 3.7 million to 3.8 million BTC, worth over $230 billion at recent Bitcoin prices. Despite this, some wallets have shown activity since the case was filed, with one address moving 30 BTC on Saturday after being inactive for nearly 15 years.

A pseudonymous party, 'John Doe 33,' has also entered the case, claiming to control one of the listed wallets and arguing that the court should reject the plaintiffs' ownership theory. A New York Supreme Court judge has stayed proceedings in the case until a July 14 hearing.