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NY court halts $293B bitcoin wallet claim after lawyer challenges abandonment theory

Market News
06 Jun 2026
Bitcoin
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Neutral
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A New York court paused a major lawsuit claiming ownership of 39,069 dormant bitcoin wallets worth about $293 billion after attorney Ian R. Cohen argued these wallets were not abandoned. The case, filed by a plaintiff named Noah Doe, alleges lost property rights over these wallets under New York's lost-and-found law. Cohen's amicus brief challenged the legal basis, stating the law applies to physical objects, not blockchain entries, and that inactivity doesn't equal abandonment. The court's stay means a hearing will now determine if the lost-property claim holds, with significant implications for bitcoin ownership rights and legal jurisdiction over digital assets.

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