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#StablRStablecoinDepegsAfterExploit
Ripple Ex-CTO Criticizes Lawsuit Claiming Ownership of 3.7 Million Abandoned Bitcoins
A lawsuit was filed in a New York court in May 2026 aiming to establish a person named Noah Doe as the legal owner of over 39,000 inactive Bitcoin wallets
BTCUSD
with a total target of 3.79 million BTC.
They reported these addresses to the NYPD and sent on-chain notifications as well as media announcements to potential owners, although questions now arise whether these notifications actually reached the wallets holding the assets.
Lawsuit Targets Satoshi Nakamoto's Alleged Holdings
Changes to the lawsuit documents include several wallets linked to Satoshi Nakamoto, as well as early miner addresses, Casascius Coin ownership, and wallets connected to hackers and unidentified entities. The combined value of all these addresses reaches hundreds of billions of USD based on current Bitcoin prices. The ongoing debate over the alleged ownership of Satoshi’s Bitcoin and the creator’s identity has long shown how difficult it is to definitively determine the original owner of these wallets.
Ripple CTO, David Schwartz, known on X as JoelKatz, offered a brief comment on this case. A post observed that someday a court might approve “something as ridiculous as this,” and if that happens, such a ruling would have no real impact. Schwartz, who recently revealed a major security flaw in BitLocker and shared opinions on meme coin investments, agrees but offers one exception.
Bitcoin SV (BSV), a fork associated with Craig Wright who has taken certain governance positions, is criticized by some. Critics argue that these decisions make it more vulnerable to external legal pressures than the main network. Wright himself has previously sued over claims related to assets and intellectual property of BTC. This also makes Schwartz’s joke sound even sharper.
Why Bitcoin Node Network Will Ignore Such Rulings
Bitcoin operates without a central authority capable of forcing ownership changes. Thousands of independent node operators worldwide maintain this protocol. None of them would alter the system to comply with a court ruling. Any decision claiming to forcibly transfer inactive BTC can only be executed under certain conditions, namely if the private keys can be seized through conventional legal channels. But this condition does not apply to the wallet at the center of this case.