Appeals Court Dismisses Bitcoin Lawsuit Over 3400 BTC Drive
An appeals court has dismissed a Bitcoin lawsuit filed by Michael Prime to recover a wiped hard drive containing about 3,400 BTC. Prime, a convicted identity thief, initially told investigators in 2019 he held roughly 3,500 BTC but later claimed only $200–$1,500 in Bitcoin. Prime’s inconsistent statements in this Bitcoin lawsuit further undermined his credibility as judges cited a delayed assertion of ownership and lack of transaction records or wallet data. He did not request the drive’s return until after his 2022 release. This outcome underscores the importance of timely evidence and consistent claims in cryptocurrency disputes and sets a precedent for future lost asset cases.
Neutral
Dismissal of Michael Prime’s claim is unlikely to directly affect Bitcoin’s price. The decision provides legal clarity on evidence standards but does not change BTC fundamentals. In the short term, traders may see modest volatility on news but no strong directional trend. In the longer term, the ruling could encourage clearer record-keeping and boost market confidence in dispute resolution, supporting stability. Overall, impact remains neutral.