Satoshi-Era Bitcoin Awakens as Court Halts Claim

TLDR

• Two Satoshi-era Bitcoin wallets moved funds after nearly 15 years of inactivity.
• A New York lawsuit seeks legal ownership of 3.8 million Bitcoin worth about $293 billion.
• The plaintiff argues that thousands of dormant Bitcoin addresses qualify as lost property.
• An amicus brief challenges the claim and says inactivity does not equal abandonment.
• Judge Kathy King halted default proceedings and set a July 14 hearing date.

Two Satoshi-era Bitcoin wallets moved funds after nearly 15 years of inactivity. The transfers surfaced as a New York lawsuit seeks control of 3.8 million Bitcoin. A judge has paused default proceedings and set a July 14 hearing.

Bitcoin Lawsuit Claims Dormant Addresses as Lost Property

A pseudonymous plaintiff known as Noah Doe filed the lawsuit on March 11 in New York. He and two Wyoming LLCs claim ownership of 3.8 million Bitcoin worth about $293 billion. They rely on Article 7-B of New York Personal Property Law, which governs lost property claims.

The complaint states that 39,069 dormant Bitcoin addresses qualify as lost property under the statute. Doe recorded the wallet details on USB drives and delivered them to the NYPD’s 17th Precinct. He completed those submissions in tranches between December 2024 and April 2025.

He also broadcast OP_RETURN messages to the listed addresses and set a 90-day deadline. The messages urged holders to claim ownership or risk classification as lost property. The lawsuit argues that inactivity supports a lost status under state law.

On May 29, attorney Ian R. Cohen filed an amicus brief before Judge Kathy King. He argued that Article 7-B applies only to tangible property. He wrote that blockchain data cannot be physically deposited with the police.

“Abandonment requires intentional relinquishment of ownership and an external act manifesting that intent,” the brief states. It adds that “mere inactivity, no matter how prolonged, is not abandonment.” On June 5, Judge King halted default action and scheduled a July 14 hearing.

Satoshi-Era Bitcoin Addresses Reactivate After Years

One address cited in the complaint is 1LwWtSs7tMCwcRczQd5kVMv3xpWw6w4Sxe. It received 35.55 Bitcoin on March 27, 2011, when prices traded below $1. On June 2, the wallet moved 15 Bitcoin and retained 20.55 Bitcoin.

Blockchain data shows the transaction recorded on block 952,104 at 16:46 UTC. The remaining balance stayed in the original wallet after the transfer. Mempool data confirms the movement occurred days after the OP_RETURN notices.

Another address listed in the lawsuit is 18sLgPeB9wQVrE8JoWqtKtnucbsx3Lw1m7. It first received 47.25 Bitcoin on June 17, 2011. The wallet remained inactive for nearly 15 years before moving all 47.25 Bitcoin on June 7.

That transaction was recorded on block 952,642 at 00:52 UTC. Galaxy Research flagged both transfers in public tracking data. Research head Alex Thorn said coins labelled as “lost” are “awakening and moving onchain.” The court will review Cohen’s motion during the July 14 hearing. Judge King has paused further default steps until then. The case continues in New York County Supreme Court.

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