New York lawsuit tests lost property claim over dormant Bitcoin
A New York lawsuit seeks ownership of 39,069 dormant Bitcoin wallets, raising questions over lost crypto, private keys and property law.
A New York lawsuit filed by Noah Doe and two Wyoming-based LLCs, ABC Company and XYZ Company, seeks a court order declaring ownership of 39,069 dormant Bitcoin addresses, raising important questions about the legal treatment of inactive Bitcoin under property laws.
Filed on May 1, the suit claims that the coins tied to the listed addresses represent legally abandoned property they found and reported to the New York Police Department and claimed under New York lost-property law.
The plaintiffs claim that the dormant Bitcoin wallets were legally “abandoned” property that they found, including wallets belonging to early Bitcoin miners and addresses attributed to Bitcoin creator Satoshi Nakamoto, among other lost coins and unidentified entities. They claim that these constitute seizable property, akin to traditional bank accounts.
