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Blockchain trade association the Digital Chamber filed an amicus brief in the New York lost property case seeking ownership of thousands of dormant Bitcoin addresses.&nbsp;
The Monday filing is the second amicus brief in the case. It <a href="https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=DHI9oX5crnQK4NAAyRErjA==" rel="noopener noreferrer nofollow">opposes</a> the claims of ownership, arguing that treating dormant wallets as abandoned property would create a “pervasive cloud on title across self-custody wallets.”
Digital Chamber argues that a ruling based on the plaintiffs’ theory would undermine the “foundational principles of digital property ownership, with negative ripple effects reaching the traditional finance industry.”
The amicus brief was filed in a lawsuit brought by "Noah Doe" and two Wyoming-based companies in late May, seeking ownership of <a href="https://cointelegraph.com/news/new-york-lawsuit-lost-property-dormant-bitcoin" rel="noopener noreferrer nofollow">39,069 dormant Bitcoin addresses</a>, in what could become a test of how inactive crypto may be treated under the state’s lost-property law.
The listed addresses hold an estimated 3.7 million Bitcoin (BTC) worth about $234 billion and include some of the wallet addresses associated with Bitcoin creator Satoshi Nakamoto, <a href="https://x.com/SaniExp/status/2058421338985918794" rel="noopener noreferrer nofollow">according</a> to Sani, founder of analytics platform Timechain Index.&nbsp;
<img alt="" height="854" src="https://s3-images.ctmedia.io/media/content/pasted-image-1919.png" width="1023">
The Digital Chamber files an amicus brief to dismiss the case seeking ownership of 39,069 Bitcoin wallets. Source: iapps.court.state.ny.us&nbsp;
The Digital Chamber describes itself as the oldest and largest digital asset trade association representing over 250 members, including crypto exchanges, banks, investment firms and other industry participants.
Related: <a href="https://cointelegraph.com/news/strategy-sells-bitcoin-bernstein-btc-target" rel="noopener noreferrer nofollow">Strategy sells 3,588 Bitcoin for $216M to fund dividends, keeps $2.55B reserve intact</a>
<h2 id="dormant-bitcoin-wallets-awaken-after-lawsuit">Dormant Bitcoin wallets awaken after lawsuit</h2>
Some of the long-dormant Bitcoin wallets named in the lawsuit have been waking up.
At least 31 of the listed addresses moved 17,527 Bitcoin in June, up from five addresses that transferred 4,834 BTC in February, <a href="https://x.com/intangiblecoins/status/2073738850610843909" rel="noopener noreferrer nofollow">according</a> to Galaxy Digital head of research Alex Thorn.&nbsp;
<img alt="" height="983" src="https://s3-images.ctmedia.io/media/content/pasted-image-1920.png" width="2048">
Source: <a href="https://x.com/intangiblecoins/status/2073738850610843909" rel="noopener noreferrer nofollow">Alex Thorn</a>
<a href="https://cointelegraph.com/news/dormant-bitcoin-new-york-lawsuit-moved-15-years" rel="noopener noreferrer nofollow">Bitcoin address "1KV47"</a> transferred 30 BTC, worth about $1.88 million, on Saturday, marking the wallet’s first movement in almost 15 years, since August 2011.
Regardless of the lawsuit's outcome, it is unclear how the plaintiffs could gain control of the assets without holding the private keys to the wallets.
On Thursday, a pseudonymous defendant filed a notice of appearance and <a href="https://cointelegraph.com/news/defendant-dismiss-new-york-lawsuit-bitcoin-wallets" rel="noopener noreferrer nofollow">motion to dismiss</a>, claiming they control one of the dormant wallets named in the lawsuit.
Magazine: <a href="https://cointelegraph-magazine.com/bitcoin-price-xrp-ethereum-sell-off-goldman-sachs-gold-market-moves/" rel="noopener noreferrer nofollow">Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market Moves</a>

Digital Chamber amicus brief urges dismissal of NY lawsuit over 39,069 Bitcoin wallets

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