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Lawsuit to claim $238B Bitcoin, including Satoshi's, faces legal pushback over abandonment claims

Market News
20 Jun 2026
Crypto news
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Neutral
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Attorney Ian R. Cohen has filed a rebuttal opposing efforts to revive a lawsuit seeking control over 39,069 Bitcoin wallets holding about $238 billion, including wallets linked to Bitcoin creator Satoshi Nakamoto. The plaintiffs argue these wallets are abandoned property under New York law, but Cohen counters that inactivity does not equal abandonment and that self-custodied Bitcoin is not subject to such laws. Recent blockchain activity in some wallets challenges the abandonment claim, and a court stay currently pauses the case. A hearing is scheduled for July 14 to consider Cohen's participation as amicus counsel, with significant implications for property rights over dormant Bitcoin holdings.

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