Dormant bitcoin wallet moves as $285 billion New York ownership lawsuit advances

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Bitcoin wallet lawsuit move

Highlights

Dormant bitcoin wallet 1LwWtSs7tMCwcRczQd5kVMv3xpWw6w4Sxe transferred 15 BTC on June 2, seven months after an on-chain legal notice expired.
New York County Supreme Court lawsuit filed March 11, 2026, seeks ownership of 3.8 million bitcoin ($285 billion) under Article 7-B, using OP_RETURN for service.
Bitcoin transfers from long-inactive wallets coincided with BTC price dropping near $70,000 and record 10-session spot ETF outflows amid market uncertainty.

Wallet transfer follows on-chain legal notice

As first reported by CoinDesk, the wallet 1LwWtSs7tMCwcRczQd5kVMv3xpWw6w4Sxe sent 15 BTC to a new address and kept 20.55 BTC as change in transaction b90755b at 16:46 UTC on June 2, according to mempool.space data. The address had held the coins untouched since March 27, 2011, when bitcoin traded at less than a dollar.

The lawsuit was filed on March 11, 2026 in the New York County Supreme Court under index number 153119/2026 and amended on May 1. It names a pseudonymous plaintiff, Noah Doe, and two Wyoming LLCs, ABC Company and XYZ Company, which hold assigned interests.

The plaintiffs seek legal ownership of about 3.8 million bitcoin, valued at roughly $285 billion, under New York Personal Property Law Article 7-B. The court authorized service through Bitcoin's OP_RETURN field, allowing short text or links to be embedded permanently on-chain.

Noah Doe's blockchain consultant, Salomon Brothers Strategic Advisors, sent 98 batches of dust transactions across Bitcoin blocks 950,446 to 950,576 in June and July 2025, each carrying 546 satoshis and a link to an abandonment notice. The 1LwWt wallet was served on July 31, 2025, with a 90-day window to respond, meaning the latest move occurred nearly seven months after that period expired and about three months after the case was formally filed.

Case visibility grows amid broader market pressure

Galaxy Research's Alex Thorn said on X that the wallet matched the firm's tracked Noah Doe defendant #38215 and described the transfer as evidence the coins were not abandoned. Galaxy's analysis indicates hundreds of wallets moved coins during the original notice campaign and were excluded from the final defendant list, while the 1LwWt transfer appears to come after the address was already named in the active case.

A separate wallet, 1CDSyXAQxro4FPUoqAQb81642ruqDsUiNp, also moved 20 BTC about 13 hours earlier, according to Arkham Intelligence data, after roughly 15 years of inactivity. That address appears not to have been targeted by the Noah Doe notice campaign or included in the lawsuit.

The transfers occur during a bitcoin pullback that has pushed BTC near $70,000 for the first time in weeks. Market pressure is also linked in the report to Strategy's first publicized bitcoin sale, a record 10-session spot ETF outflow streak and stalled U.S.-Iran ceasefire talks.

In our earlier article on Hut 8 (HUT), we covered the stock’s sharp drop alongside heightened volatility despite a still-bullish longer-term technical structure. We also outlined Hut 8’s $4.25 billion senior secured notes raise for the Beacon Point Data Center Project and noted that, while the financing and leadership updates support the longer-term story, near-term selling pressure and execution risk remained key concerns.

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