Bitcoin Lawsuit Hits Snag Over Abandonment Claims

A lawsuit seeking control over $238 billion worth of Bitcoin, including wallets linked to Satoshi Nakamoto, has hit a roadblock. Attorney Ian R. Cohen has filed a rebuttal arguing that inactivity does not equal abandonment and that self-custodied Bitcoin is not subject to such laws.

The plaintiffs claim these wallets are abandoned property under New York law, but Cohen counters with evidence of recent blockchain activity challenging the abandonment claim.

A court stay has paused the case, and a hearing is scheduled for July 14 to consider Cohen's participation as amicus counsel.