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Charles Hoskinson condemns lawsuit claiming ownership of 3.8M dormant Bitcoin as a threat to self-custody rights.

Market News
28 May 2026
UToday
View Source
Bearish
pluang ai news

A Wyoming LLC filed a lawsuit in New York seeking legal ownership of about 3.8 million dormant Bitcoin, worth potentially hundreds of billions of dollars, by claiming inactivity equals abandonment. Cardano founder Charles Hoskinson sharply criticized this legal approach, calling it absurd and dangerous for Bitcoin's fundamental principle of self-custody, where ownership depends on private keys, not account activity. The case raises concerns that long-term cold storage could be legally challenged, threatening decentralized ownership. While the lawsuit is more a provocative legal test than a practical claim, it highlights growing tensions between cryptocurrency technology and traditional legal frameworks.

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