Dormant Bitcoin wallet moves 40 BTC amid $293 B New York lawsuit

A Bitcoin address listed in a New York lawsuit involving 39,069 allegedly abandoned wallets transferred 40 BTC on September 3, 2026. The move, valued at roughly $3.1 million, shows that someone controls the private key for the address but does not resolve the legal dispute over ownership.

Transaction details

The transfer was confirmed in Bitcoin block 965,330. Galaxy Research identified the sending address as “Noah Doe #38097” and estimated the market value of the 40 BTC at about $3.1 million based on Bitcoin’s price of roughly $81,100 on September 4, 2026.

Background of the lawsuit

The case, filed in New York County Supreme Court (Index No. 153119/2026), seeks a declaration that the plaintiffs—ABC Company, XYZ Company and Noah Doe—have legal title to Bitcoin held in 39,069 addresses. Those addresses were estimated to contain 3.7–3.8 million BTC, valued at approximately $293 billion at earlier price points. The plaintiffs argue the wallets qualify as abandoned property under Article 7‑B of New York’s Personal Property Law.

Legal arguments and recent activity

Opponents, including attorney Ian Cohen and the Digital Chamber, contend that inactivity does not constitute abandonment and that treating dormant addresses as lost property creates uncertainty for self‑custodial holders. The court has paused the proceedings and has not issued a judgment on abandonment or awarded the Bitcoin to the plaintiffs.

Previously, the plaintiffs removed 44 addresses from their claim after those addresses became active. The recent 40 BTC movement may lead to a similar removal, but any change would require an amended filing.

Implications

The transaction demonstrates technical control of the private key but does not establish legal ownership. Even if the plaintiffs obtain a favorable judgment, they would still lack the private keys needed to move the Bitcoin on‑chain.