New York judge suspends lawsuit over ownership of 39,000 dormant Bitcoin wallets, hearing set for July 14

A New York Supreme Court judge, Kathy J. King, has signed an order to suspend a lawsuit seeking to claim ownership of 39,069 dormant Bitcoin wallets, and scheduled a hearing on a key amicus brief for July 14.

The plaintiffs in the case, identified under the pseudonym "Noah Doe" and two shell companies, are seeking to claim these wallets under New York's abandoned property law. Attorney Ian R. Cohen submitted an amicus brief opposing the plaintiffs' claims. He argued that the abandoned property law applies to tangible items, whereas blockchain addresses are always visible to the world; if the original owners cannot access the assets due to security vulnerabilities, it constitutes passive loss of access rather than voluntary abandonment. (The Block)