Anonymous token holder files motion in New York court to dismiss ownership lawsuit over "dormant Bitcoin wallet"

Odaily reports that a key defense has emerged in the New York State Supreme Court in the ownership lawsuit concerning 39,069 long-dormant Bitcoin addresses. An anonymous defendant, who controls the involved dormant wallets, has formally filed a motion with the court requesting the immediate dismissal of the lawsuit.

The anonymous token holder's core legal argument is that a Bitcoin address is merely a string of data characters on the blockchain and does not constitute a legal entity under the law, thus lacking the standing to be sued. Additionally, industry commentary highlights a critical technical weakness in the case: even if the court were to ultimately rule in favor of the plaintiff's claim for ownership, the plaintiff would be unable to transfer or control the Bitcoin assets on-chain without possessing the corresponding private keys, rendering the judgment practically unenforceable. The plaintiff in this case is attempting to apply New York's lost property regulations, arguing that tens of thousands of long-dormant BTC constitute abandoned assets with no owner, seeking to acquire full ownership of all assets through judicial channels. (Cointelegraph)