Bitcoin wallet linked to New York lawsuit moves $3.1M

A Bitcoin address that had been dormant since November 2011 transferred 40 BTC, valued at approximately $3.1 million, on September 3. The transaction, confirmed in block 965,330, marks the first movement of these funds in nearly 15 years.

The address is linked to a major New York lawsuit involving 39,069 allegedly abandoned Bitcoin wallets. While the transfer proves that an individual possesses the private keys, it does not reveal the identity of the owner or confirm if the assets were sold.

The legal dispute centers on whether New York lost-property law applies to self-custodied Bitcoin. The court has not yet ruled on the ownership of the disputed coins, and the litigation remains unresolved.