New York Judge Pauses Lawsuit Over Ownership of 39,000 Dormant Bitcoin Wallets, Hearing Set for July 14

Odaily reports that New York Supreme Court Judge Kathy J. King has signed an order to halt a lawsuit seeking to claim ownership of 39,069 dormant Bitcoin wallets, and has scheduled a hearing for July 14 regarding a key amicus curiae brief.

The plaintiffs in the case, who include a pseudonymous individual named "Noah Doe" and two shell companies, are seeking to claim these wallets under New York's abandoned property law. Attorney Ian R. Cohen has submitted an amicus curiae brief opposing the plaintiffs' claims. He argues that the abandoned property law applies to tangible items, whereas blockchain addresses are always visible to the world; if the original owners lost access to assets due to security vulnerabilities, it constitutes passive loss of access rather than voluntary abandonment. (The Block)