New York · Bitcoin · The Block
NY judge stays lawsuit seeking ownership of nearly 40,000 bitcoin wallets, sets July hearing on proposed amicus brief
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A New York Supreme Court judge on Friday stayed all proceedings in a lawsuit that seeks to claim ownership of 39,069 dormant bitcoin wallets, blocking any move toward default judgment ahead of a July 14 hearing.
Key facts
- The case, captioned ABC Company, XYZ Company, and Noah Doe v
- Galaxy Research head Alex Thorn flagged a June 6 movement of 47.26 BTC worth nearly $3 million at current prices from defendant address number 37923, last active on June 17, 2011
- Galaxy Research estimated in May that the 39,069 addresses held about 3.8 million BTC, worth roughly $293.5 billion at the bitcoin price it used at the time
- At current prices, 3.8 million BTC would be worth about $234 billion
Summary
King signed the order to show cause on June 4 and it was filed publicly on June 5, per the docket. The order stays "all further proceedings in this action on Plaintiffs' declaratory judgment claim, including any application for an inquest or a default judgment" pending the hearing. In a separate ruling filed the same day, King found that an earlier motion seeking injunctive relief was moot, referencing the plaintiffs' First Amended Complaint, filed May 1, and one other docket entry. The case, captioned ABC Company, XYZ Company, and Noah Doe v. John Does 1-39,069, drew public attention after Sani, founder of bitcoin analytics platform Timechain Index, posted about it on X on May 24.