The address, known as 1KV47, moved $1.88 million worth of Bitcoin on Saturday, its first outgoing transaction since August 2011. Data from Galaxy Research confirms the wallet is part of a massive litigation involving assets potentially worth $234 billion. Alex Thorn, head of research at Galaxy Digital, noted that activity among these contested addresses is accelerating, with 31 wallets moving over 17,500 BTC in June alone. This surge comes as plaintiffs, led by a party identified as Noah Doe, seek to invoke New York’s Personal Property Law to claim these dormant holdings.
Legal momentum remains uncertain as New York Supreme Court Justice Kathy J. King has stayed proceedings until July 14. Opposition is mounting, with defendants arguing that a string of code cannot function as a legal entity capable of being sued. Furthermore, attorney Ian R. Cohen has intervened as an amicus curiae, challenging the applicability of existing lost-property statutes to self-custodied digital assets. As the court weighs these arguments, the case stands as a landmark test for the legal status of long-inactive blockchain addresses.
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