Dormant 2011 Bitcoin wallet moves $3M, stirs lawsuit

A dormant 2011 Bitcoin wallet moved 40 BTC ($3.09M), challenging a New York lawsuit over abandoned wallets. The transaction shows control but leaves legal ownership unresolved.

A Bitcoin wallet dormant since November 2011 has transferred 40 BTC—worth about $3.09 million—in a transaction recorded in block 965330. This rare event, tracked by Galaxy Research, saw the wallet, known as Noah Doe #38097, become active after nearly 15 years. The wallet’s holdings have appreciated by over 2,571,000% since Bitcoin was valued at around $3. This movement is significant because the address is linked to an ongoing lawsuit in New York. Plaintiffs are seeking control of 39,069 allegedly abandoned Bitcoin addresses, which together could hold up to $293 billion. The transaction challenges the assumption that the wallet was abandoned, indicating it remains under someone's control, though legal ownership is still unclear. The New York County Supreme Court case is ongoing, with no ruling yet on the legal impact of this on-chain activity. The event has reignited debate over rights to long-dormant crypto assets and the complexities of proving ownership in court.