Satoshi-era Bitcoin Wallet Linked to $293B Lawsuit Moves Funds After 15 Years
A Bitcoin wallet that had been inactive since November 2011 suddenly moved 40 BTC, valued at approximately $3.09 million on September 4. The transaction was flagged by blockchain analytics firm Galaxy Research and is notable because the address is tied to a high-profile lawsuit in New York over ownership of dormant wallets containing an estimated $293 billion worth of Bitcoin. The plaintiff in the case, pseudonymously named 'Noah Doe,' along with two Wyoming LLCs, filed suit under New York's Article 7-B lost-property law. The recent movement from a long-dormant wallet challenges their claim that these addresses are abandoned and could undermine the legal strategy of the plaintiffs. Critics argue that simply being dormant does not equate to abandonment, warning against potential exploitation by 'Bitcoin finders.' A New York judge has paused proceedings in response to such concerns. At the time of writing, Bitcoin was trading near $79,387.
Tickers: $BTC
Topics: Bitcoin blockchain analytics legal case wallet activity