Bitcoin Wallet Untouched for 15 Years Suddenly Springs to Life
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A Bitcoin address that had been dormant for nearly 15 years showed unusual activity, sparking a lawsuit in New York concerning the ownership of a "dormant Bitcoin".
According to BlockBeats, on July 6th, a Bitcoin address that had been dormant for nearly 15 years made its first transaction, transferring out 30 BTC, worth approximately $1.88 million at current prices. Galaxy Research's on-chain data shows that address "1KV47" had not made any transactions since receiving 30 BTC in August 2011, until last Saturday when it first transferred funds outwards. This address is one of 39,069 dormant Bitcoin addresses involved in a New York lawsuit. The plaintiff, "Noah Doe," and two Wyoming-registered companies are attempting to claim ownership of the Bitcoin in these long-inactive addresses under New York State lost property law. Sani, founder of the analytics platform Timechain Index, stated that these addresses collectively hold approximately 3.7 million BTC, worth about $234 billion, including addresses widely believed to belong to Satoshi Nakamoto. Alex Thorn, research director at Galaxy Digital, stated that dormant addresses associated with the lawsuit have seen a significant increase in activity recently. In June, 31 addresses transferred 17,527 BTC, compared to only 5 addresses transferring 4,834 BTC in February. However, the legal community generally considers the lawsuit's grounds weak. Last Friday, a defendant claiming to control one of the addresses, "John Doe 33," filed for dismissal, arguing that Bitcoin addresses are merely data strings and not entities that can be sued. Edwin Mata, CEO and lawyer at tokenization platform Brickken, stated that the mere fact that an address has been inactive for an extended period does not prove that assets have been abandoned. Under property law, establishing abandonment usually requires proof that the owner had a clear intention to relinquish their property rights. Dormant addresses may simply be due to long-term cold storage, lost private keys, or the holder choosing to hold the property long-term, thus insufficient to support the plaintiff's claims.
The New York lawsuit continues to unfold, alleging that a dormant Bitcoin address transferred 30 BTC worth approximately $1.88 million.
According to a report by Cointelegraph, the Bitcoin address “1KV47” recently completed its first outflow in nearly 15 years, moving 30 BTC (approximately $1.88 million) out of its wallet. This address originally received the Bitcoin in August 2011. This address is one of 39,069 listed addresses in a New York lawsuit where plaintiff “Noah Doe” and two Wyoming companies are seeking ownership of these dormant Bitcoins under New York State lost and found laws. According to data from Alex Thorn, research director at Galaxy Digital, 31 related addresses transferred 17,527 BTC in June, a significant increase from 4,834 BTC in February. Legal experts point out that dormancy does not equate to relinquishing ownership, and the lawsuit's basis is “extremely weak” in the absence of proof of private keys.
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Russia's State Duma approved the final version of the cryptocurrency regulation bill, removing the mandatory requirement to declare wallet addresses.
According to Mars Finance, the Russian State Duma Financial Market Committee has approved the final version of the government's cryptocurrency regulatory bill, which will be submitted for a second reading. Committee Chairman Anatoly Aksakov revealed that the second reading version makes several key adjustments: the requirement to mandatorily declare cryptocurrency wallet addresses has been removed, replaced by only requiring the declaration of balances and transaction records to protect residents from the risk of sensitive information leaks; new amendments allow the legal purchase of securities in the securities market and Russian digital financial assets using cryptocurrencies. In the future, it may allow legitimate Russian brokers and asset managers to trade on foreign crypto exchage, but additional requirements such as jurisdictional "friendliness" must be met. For non-professional investors, the annual limit through a single intermediary is 300,000 rubles, and only for "the most liquid cryptocurrencies." The bill also introduces a two-day freeze on large transfers abroad and to third parties. Aksakov did not specify whether the proposal to ban Russians from using non-custodial cryptocurrency wallets is retained.
USDT will return to the Bitcoin network; UTEXO will natively issue a Bitcoin version of USDT via the RGB protocol.
According to Mars Finance, on July 7th, Tether is preparing to natively issue USDT on the Bitcoin network based on the RGB v0.11.1 protocol, with UTEXO responsible for commercial issuance and distribution. This will mark USDT's return to the Bitcoin mainnet after many years, since its initial appearance on the Bitcoin network in 2014 via the Omni protocol. UTEXO co-founder Viktor Ihnatiuk stated that the company has received support from Tether, which is responsible for promoting the native Bitcoin USDT rollout. The RGB protocol employs client-side validation combined with the Lightning Network, enabling instant, low-cost, and privacy-focused USDT transactions while inheriting the Bitcoin UTXO security model. Users will be able to hold USDT directly through their native Bitcoin addresses and send and receive payments using Lightning Network wallets that support RGB, without relying on other public chains or intermediary service providers. Compared to the current account-based networks like TRON and Ethereum, where USDT is primarily circulated, RGB naturally supports one-time addresses using the UTXO model and combines this with off-chain payments via the Lightning Network, effectively enhancing transaction privacy. Meanwhile, UTEXO is deeply integrated with Tether, reducing intermediary fees and data collection. Users can also convert USDT between different public chains at low cost through its online cross-chain bridge.
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