Digital Chamber Seeks Dismissal of Suit Over 39,069 BTC Wallets

The Digital Chamber filed an amicus brief on Monday asking a New York court to dismiss a lawsuit that seeks ownership of 39,069 dormant Bitcoin addresses. The listed addresses are estimated to hold about 3.7 million BTC.

The lawsuit, filed in late May by a plaintiff using the name “Noah Doe” together with two Wyoming-based companies, asks the court to treat the addresses as abandoned property and award ownership to the claimants. At current prices the holdings are worth roughly $234 billion. Some addresses on the list have been linked to the creator of Bitcoin, according to Timechain Index founder Sani.

In its brief the Digital Chamber, which says it represents more than 250 members including exchanges, banks and investment firms, urged the court to reject the plaintiffs’ claims. The association argued a ruling for the plaintiffs would create a “pervasive cloud on title across self-custody wallets” and would undermine the “foundational principles of digital property ownership, with negative ripple effects reaching the traditional finance industry.” The filing is the second amicus brief submitted in the case and aligns with parties opposing the ownership claims.

Several of the long-dormant wallets named in the complaint have shown activity since the suit was filed. Galaxy Digital head of research Alex Thorn reported that at least 31 of the listed addresses moved 17,527 BTC in June, up from five addresses that transferred 4,834 BTC in February. One address, 1KV47, transferred 30 BTC in June, its first recorded movement since August 2011.

Court records show additional parties have entered the case. A pseudonymous defendant filed a notice of appearance and a motion to dismiss, asserting control of one of the dormant wallets named in the complaint. Filings and public statements do not show how the plaintiffs would obtain private keys to gain control of other addresses if the court were to award them ownership.

The central legal question is how state lost-property law applies to self-custodied digital assets. Plaintiffs argue inactive addresses can be treated as abandoned under New York law; opponents argue such a ruling would create uncertainty for owners who hold private keys but do not transact frequently. On-chain activity and further court filings from parties claiming control of specific addresses are likely to affect how the court views ownership and abandonment in the context of digital assets.