Bitcoin wallet lawsuit targets 3.8M BTC

• A plaintiff using the name Noah Doe is seeking legal title to approximately 3.8 million Bitcoin held in around 39,000 allegedly dormant wallets.
• The claim relies on New York's lost property law, with each wallet valued below US$10 to fit within specific statutory provisions.
• A court hearing scheduled for July 14 will consider procedural issues, including whether the plaintiff can remain anonymous.

A plaintiff identified as Noah Doe filed a lawsuit in New York seeking legal title to approximately 3.8 million Bitcoin (CRYPTO:BTC) held across roughly 39,000 wallets that the claimant alleges qualify as lost property under state law.

The case has attracted attention because the Bitcoin holdings would be worth approximately US$245 billion at current market prices, making it one of the largest property claims involving digital assets.

“If you want a judge to hand you Satoshi’s coins you should have to say your name out loud,” said New York attorney Ian Cohen, who was granted permission to participate in the case as amicus curiae.

The lawsuit values each wallet at less than US$10, a threshold relevant to provisions of New York's lost property statute that may provide a simplified path to claiming ownership of found property.

Judge Kathy King stayed the proceedings pending a July 14 hearing, where issues including the plaintiff's use of a pseudonym and the legal basis of the claim are expected to be examined, while Following the filing no ownership rights have been transferred.

Cohen argued that accepting the claim could encourage similar attempts to obtain legal title to dormant cryptocurrency wallets, while questioning whether the notification process used for wallet holders constituted valid legal service.

The case also faces challenges from evidence that some of the targeted Bitcoin wallets have recently moved funds, which may weaken arguments that the assets were abandoned or permanently lost.

At the time of reporting, Bitcoin price was $63,954.34.