New York Lawsuit Seeks Ownership of Dormant Bitcoin Wallets Worth Billions

A New York state lawsuit is making headlines with its ambitious claim on approximately $285 billion worth of dormant bitcoin wallets. According to court documents, the plaintiffs seek legal ownership under New York Personal Property Law Article 7-B, which governs lost-property statutes.

The notice campaign, led by Noah Doe's blockchain consultant Salomon Brothers Strategic Advisors, involved broadcasting dust transactions across Bitcoin blocks with a link to an abandonment notice. The campaign targeted hundreds of wallets, but only one defendant has publicly responded so far.

A wallet identified as 1LwWtSs7tMCwcRczQd5kVMv3xpWw6w4Sxe moved its coins earlier this week, becoming one of the first visible responses from a named defendant in the lawsuit. The wallet had held approximately $2.54 million worth of bitcoin since March 2011.