A defendant who controls one of the dormant Bitcoin wallets has asked a court to dismiss a New York lawsuit seeking ownership of 39,069 wallets. The case concerns Bitcoin the plaintiffs describe as lost and worth about $229 billion.
A defendant who controls one of the dormant Bitcoin wallets has asked a court to dismiss a New York lawsuit seeking ownership of 39,069 wallets. The case concerns Bitcoin the plaintiffs describe as lost and worth about $229 billion.
The case has drawn attention because it centers on whether Bitcoin that has remained inactive for a long period can be claimed through legal action. For the broader crypto ecosystem, it highlights how courts may be asked to decide questions around custody, access, and ownership of dormant onchain assets.
A defendant who controls one of the dormant Bitcoin wallets at the center of a New York lawsuit has filed a motion to dismiss the case. The complaint seeks ownership of 39,069 Bitcoin wallets that are described as dormant and allegedly contain Bitcoin considered lost.
The development matters because the lawsuit involves a large number of wallets and a claim tied to a substantial amount of Bitcoin. Any ruling on dismissal could affect how courts handle disputes over dormant crypto holdings and ownership claims involving long-unused wallets.
The case has drawn attention because it centers on whether Bitcoin that has remained inactive for a long period can be claimed through legal action. For the broader crypto ecosystem, it highlights how courts may be asked to decide questions around custody, access, and ownership of dormant onchain assets.
At this stage, the filing is a request to end the case rather than a final ruling. The court will need to decide whether the lawsuit can proceed.
Keep exploring
Bitcoin supply dynamics have printed their first buy signal since November 2022, a development some analysts view as a possible sign that the current bear market may be nearing its end. Even so, the source warns that BTC could still move lower before any recovery takes hold.
Read
Large bitcoin holders accumulated roughly 270,000 BTC over a two-week period, even as U.S. spot bitcoin ETFs recorded about $4 billion in outflows. The split highlights diverging behavior between long-term holders and institutional fund flows.
Read
U.S. spot Bitcoin ETFs recorded $222 million in net inflows on Thursday, breaking a 10-day stretch of withdrawals. Analysts cautioned that a single positive day does not necessarily mean the trend has reversed.
Read