The New York lawsuit continues to unfold, alleging that a dormant Bitcoin address transferred 30 BTC worth approximately $1.88 million.
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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.
An anonymous defendant has requested the dismissal of a lawsuit seeking to recover 39,000 dormant Bitcoin addresses.
According to Foresight News , citing Cointelegraph, an anonymous defendant has filed a motion to dismiss a New York lawsuit filed in May. The plaintiff, Noah Doe, and two Wyoming LLCs claimed ownership of 39,069 dormant Bitcoin addresses, which collectively held approximately 3.7 million BTC, worth about $234 billion. The defendant, identifying himself as "John Doe 33," filed a notice of appearance and motion to dismiss on Thursday, claiming ownership of a dormant wallet listed in the lawsuit. He argued that Bitcoin addresses are merely data strings and cannot be considered as defendants, and that publicly available addresses do not constitute recoverable objects under New York lost property law. Blockchain data suggests the defendant may hold a wallet that received 5,000 BTC in April 2014 and has remained unchanged for 12 years, worth over $300 million at current prices. Alex Thorn, head of research at Galaxy Digital, stated that the application prevented what was previously a "near-certain" default judgment and challenged the jurisdictional and statutory deficiencies in the plaintiff's lawsuit.
An anonymous Bitcoin holder has filed a lawsuit in a New York court seeking to dismiss a claim against the ownership of a "dormant Bitcoin wallet."
According to Odaily, the New York State Supreme Court has seen a key defense in a lawsuit concerning ownership of 39,069 long-dormant Bitcoin addresses. An anonymous defendant who controls the dormant wallets in question has formally filed an application with the court requesting that the lawsuit be dismissed outright. The anonymous holder argued that a Bitcoin address is merely a string of data characters on the blockchain, not a legally recognized entity, and therefore not qualified to be sued. Furthermore, industry experts pointed out a critical technical shortcoming: even if the court ultimately rules in favor of the plaintiff, without the corresponding private key, the plaintiff cannot transfer or control these Bitcoin assets on the blockchain, rendering the judgment unenforceable. The plaintiff in this lawsuit is attempting to apply New York lost and found regulations, claiming that tens of thousands of long-dormant BTC are abandoned assets, intending to acquire full ownership through legal means. (Cointelegrap)
The US CFTC has filed a lawsuit against cryptocurrency pool operator Trevor Vernon, alleging a $14.8 million investment fraud.
According to BlockBeats, on July 8th, the US CFTC filed a lawsuit against Trevor Vernon and his company, Argent Capital Management, on Tuesday. The lawsuit alleges that between March 2022 and February 2026, Vernon operated a commodity pool involving stock index futures, options, and crypto assets, raising approximately $14.8 million from at least 60 investors and falsely advertising investment performance, thus committing investment fraud. The CFTC claims that the transactions resulted in losses exceeding $8.6 million for investors. Vernon allegedly concealed these losses and misappropriated approximately $3 million to pay returns to investors, operating in a manner "similar to a Ponzi scheme," and misappropriated $136,000 for private jet travel. The regulator also points out that the transactions involved commodities such as Bitcoin and Ethereum, and is requesting the court to prohibit Vernon from continuing related trading and registration activities, recover illegal gains, impose civil penalties, and compensate investors.
Crypto lobbying group Digital Chamber has submitted an amicus brief opposing Satoshi Nakamoto's claim to ownership of Bitcoin.
PANews reported on July 7th that Galaxy Research stated on its X platform that the US cryptocurrency lobbying group Digital Chamber has filed its second amicus brief with the New York State Supreme Court. This brief opposes an ownership claim made by an anonymous plaintiff using the pseudonym "Noah Doe." Previously, Noah Doe and other anonymous plaintiffs sought New York court confirmation that they owned 39,069 long-dormant Bitcoin addresses and their assets, arguing that these wallets constituted "abandoned property."
Data: BlackRock ETF addresses have recorded net outflows of Bitcoin for 10 consecutive trading days, totaling approximately $2.24 billion.
According to ChainCatcher, Lookonchain monitoring shows that BlackRock ETF addresses have recorded net outflows of Bitcoin for 10 consecutive trading days, totaling 35,980 BTC (approximately $2.24 billion).