A Bitcoin address that had remained inactive since 2011 moved 30 BTC, valued at nearly $1.9 million, marking the first outgoing transaction in almost 15 years. The shift has drawn attention amid a New York lawsuit filed by "Noah Doe" and two Wyoming entities seeking legal claim over dormant Bitcoin assets.
The specific address, known as "1KV47," is one of 39,069 Bitcoin wallets listed in the suit, which collectively represent an estimated 3.7 million BTC worth roughly $234 billion. These addresses include those closely linked with Bitcoin’s mysterious creator, Satoshi Nakamoto, making the case a significant test of how dormant cryptocurrency holdings are treated under state lost-property laws.
Recent blockchain data indicates a rise in activity from these dormant wallets: 31 addresses transferred a combined 17,527 BTC in June, compared to only five wallets moving 4,834 BTC back in February. This suggests a growing number of dormant accounts are being accessed despite their long periods of inactivity.
The legal battle raises fundamental questions about whether inactive cryptocurrency qualifies as “lost property.” A defendant, using the alias “John Doe 33,” has moved to dismiss the lawsuit, arguing that Bitcoin addresses are simply data strings that cannot be subject to legal claims. Experts highlight that while courts can adjudicate intangible assets, converting public Bitcoin addresses into recoverable property solely because they have been copied is problematic.
Legal analysts emphasize that inactivity alone does not signify abandonment under property law, which requires clear intent to relinquish rights. The mere dormancy of a Bitcoin wallet does not demonstrate such intent. Furthermore, many dormant addresses could represent long-term cold storage, lost private keys, or owners who intentionally refrain from moving their coins, weakening the plaintiff’s case.