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BTC The Bitcoin address that had been sleeping for more than ten years suddenly woke up, triggering a major ownership dispute in New York.
A Bitcoin address that had not been moved since 2011 suddenly became active on September 4, transferring 40 bitcoins worth approximately US$3.09 million. Coincidentally, the wallet was one of the addresses involved in a large-scale ownership lawsuit in New York.
Blockchain analysis company Galaxy Research flagged the transfer on Platform X (formerly Twitter), noting that the coins had been dormant for nearly 15 years before they were moved in Block 965,330 on September 3. The wallet originally received funds on November 5, 2011, when the Bitcoin price was about $3. Galaxy estimates its unrealized yield at 2,571,899%.
Bitcoin Wallet at the Center of the Case
The key to making this transaction transcend ordinary "whale awakening" events is the address itself. Galaxy tags the sender as "Noah Doe #38097" and links it to a lawsuit filed in the New York County Supreme Court (index number 153119/2026).
Previous reports have shown that a plaintiff under the pseudonym "Noah Doe" and two Wyoming limited liability companies filed a lawsuit in New York in March, seeking legal ownership of 39,069 dormant addresses that held an estimated 3.7 million to 3.8 million bitcoins, valued at approximately $293 billion at the time.
Bitcoin change complicates claims
The plaintiff relied primarily on New York State Section 7-B Lost Property Act and believed that the wallets were in fact abandoned. However, recent transfers complicate this theory because it proves that someone still controls the private key.
This is not the first time such variables have emerged. Galaxy's Alex Thorn revealed in July that since the case began, plaintiffs had abandoned 44 addresses that subsequently became active.
Critics, including lawyer Ian Cohen and the Digital Chamber, argue that hibernation alone does not mean that assets have been abandoned. "A ruling accepting the plaintiff's theory could open the door to systematic use of long-dormant Bitcoin wallets, essentially creating a 'Bitcoin treasure hunt' private industry under the guise of lost property laws." Cohen argued in court documents.
Currently, a judge in New York has suspended the trial process and no bitcoins have been decided to belong. As of press time, bitcoin transactions were close to $79,387.
