New York Judge pause lawsuit over dormant Bitcoin wallets

One judge for New York Supreme Court don stop one lawsuit wey dey pursue ownership of 39,069 inactive Bitcoin wallets. The stay block the plaintiffs from quick-getting default judgment before the hearing wey dey July 14. The case (ABC Company, XYZ Company and Noah Doe v. John Does 1–39,069) dey test if New York lost-and-found style property law fit apply to dormant Bitcoin wallets and the BTC wey attach to public addresses. Plaintiffs dey argue say dem fit get declaratory judgment wey go name dem owners, even though dem no get control of the private keys wey necessary to move the BTC. Noah Doe talk say him identify inactive wallets, deliver USB drives with addresses to NYPD, try notify possible owners, and later assign most claims to two Wyoming LLCs. One proposed amicus brief dey challenge the legal theory, say public Bitcoin address no be "found property" and to know an address no mean you possess the Bitcoin. E also claim say court order no fit replace the cryptographic control wey needed to sign transactions. New evidence still weak the blanket story "dormancy = abandonment": one named address move about 35.55 BTC after e receive notice of the lawsuit. Traders suppose expect limited immediate price impact on BTC, but the dispute show repeating legal risk for custody-adjacent services and for future moves to treat dormant Bitcoin wallets as claimable assets under state frameworks.