Unknown defendants have moved to dismiss an New York lawsuit that sought ownership of dormant Bitcoin Addresses. They claim that Bitcoin Addresses are just data strings and cannot be sued.
The defendant, who identifies themselves as “John Doe 33,” A notice of appearing was filed. motion to dismiss They claimed on Thursday that they controlled one of the wallets listed in the lawsuit.
According to this motion, the case is defective legally because Bitcoin address strings do not qualify as persons or legal entities that are subject to court authority. It is argued that the public Bitcoin addresses cannot be court-enforceable. “found” Blockchain is not covered by New York’s law on lost property because the information has been public since its inception.
Filing challenges lawsuit The plaintiff filed a lawsuit in May “Noah Doe” The Wyoming companies are ABC Company, XYZ Company. The plaintiffs say the Bitcoin associated with the addresses listed constitutes abandoned properties that they reported and claim under New York’s lost property law.
Regardless of what the court decides about ownership, it is still unclear as to how the plaintiffs will be able to recover Bitcoins if they do not have the private key needed for accessing their wallets.
A motion is filed by the defendant to dismiss a case seeking ownership over 39,069 Bitcoin accounts. Source: iapps.court.state.ny.us
In the complaint, 39,069 Bitcoin address are listed, including addresses of wallets widely linked to Satoshi Nakamoto, Bitcoin’s creator, and Mt. Gox hacker. The wallets listed collectively contain an estimated 3.7 Million BTC, worth about $234 Billion. according Sani, the creator of Timechain Index’s Bitcoin analytics platform.
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Bitcoins worth $300,000,000 are held by the defendant
The data from blockchain suggests this “John Doe 33” According to Friday’s report, a man in control of a wallet that contains 5,000 BTC that was received by him in April 2014. The wallet has been untouched for over 12 years and is now worth $300 million. X post Alex Thorn is the Galaxy Digital Head of Research.
“That’s ~100x the median defendant address. This is a real holder with real standing choosing to fight, not a bystander.”
Source: Alex Thorn
Thorn said that filing had prevented the filing of what was a “near-certain” The plaintiffs challenged the default judgement and jurisdictional and statute defects.
Bitcoin’s supply has been stagnant over the last five or 10 years. Source: Bitbo
Bitbo data shows.
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Source: cointelegraph.com
