If this case is truly judged, all wallets with long-term inactivity in the future will have to be on edge, on-chain dormancy ≠ legal abandonment, and the court's timely brake is well-placed.

View Original
CoinNetwork
Crypto World Network news: The Supreme Court of the State of New York has suspended a default judgment procedure involving 39,069 Bitcoin wallets. The related wallets together hold approximately 3.8 million BTC, valued at about $293 billion.

Plaintiff Noah Doe tried to claim ownership of these long-dormant wallets under New York’s lost-and-found property regulations, but New York attorney Ian R. Cohen filed an amicus brief arguing that long-term inactivity does not equal relinquishment of ownership, and that Bitcoin cannot be handed over to the police like physical property.

On June 5, the court suspended the related proceedings, and the case is still pending further hearings. In addition, some of the addresses listed in the case have recently shown on-chain transfers, including a wallet that has been dormant since 2011 and transferred out 47.26 BTC.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned