Lost and Found "or" Legal loophole "? New York lawsuit over 39000 dormant Bitcoin wallets BlockBeats News: On May 25th, a New York lawsuit filed on May 1st is seeking a court ruling on its ownership of 39069 long dormant Bitcoin wallets, raising significant legal issues regarding the loss of cryptocurrency assets and property laws. The plaintiff Noah Doe and two Wyoming limited liability companies (ABC Company and XYZ Company) claim that the Bitcoin associated with these addresses belongs to "abandoned" property discovered in accordance with the law and has been reported to the New York Police Department under the New York Lost and Found Act. The list of lawsuits includes wallets of early Bitcoin miners and even the address of Bitcoin creator Satoshi Nakamoto. However, the legal basis for this lawsuit is questionable. Even if the court makes a favorable ruling, it cannot be enforced technically because the Bitcoin network does not have a mechanism for "redistributing funds without private keys". Analysts from research firm Castle Labs pointed out that the only exception is that if these coins are transferred to a regulated custodian or trading platform, the court can compel the intermediary to take action. The lawsuit lists a total of 39069 Bitcoin addresses, but the founder of the on chain analytics platform Timechain Index estimates that these addresses hold approximately 3.7 million Bitcoin (worth around $285 billion), far exceeding the amount claimed by the plaintiff. Analysts also pointed out that the plaintiff's attempt to send legal notices to address formats unrelated to the balance had structural flaws. The data shows that there are currently 3.5 million bitcoins that have been dormant for 10 years, as well as 6.6 million bitcoins that have been dormant for more than 5 years. [Original link]