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Dormant 2011 Bitcoin Wallet Awakens, Undercutting $285 Billion ‘Abandoned BTC’ Lawsuit
- A Bitcoin wallet dormant since 2011 transferred 35.55 BTC after being named in a New York lawsuit seeking ownership of allegedly abandoned wallets.
- Plaintiffs claim legal title to roughly 3.8 million BTC across 39,069 addresses using New York’s lost-property laws.
- The wallet’s activity prompted Galaxy Research’s Alex Thorn to argue the coins were not abandoned, while court proceedings have been paused until July.
A Bitcoin wallet holding 35.55 BTC has become one of the first addresses linked to a high-profile New York lawsuit to show activity after years of silence. The wallet transferred its funds on 2 June, with the holdings currently valued at approximately US$2.54 million (AU$3.53 million).
The address had not recorded any activity since receiving the coins in March 2011. Blockchain data indicates that 15 BTC was sent to a new destination, while 20.55 BTC was returned to the holder as change. At the time the coins were first received, Bitcoin traded for less than US$1 (AU$1.42)
The address is among thousands referenced in a lawsuit filed in New York state court. Plaintiffs Noah Doe, ABC Company and XYZ Company are seeking legal title to around 3.8 million BTC held across 39,069 dormant wallets. The claim places the value of those holdings at roughly US$285 billion (AU$396.15 billion).
Related: Strategy’s Bitcoin Bet Faces $11.2B Paper Loss as BTC Drops Below Average Buy Price
Addresses Served Through Blockchain Messages
As part of the legal process, the court authorised notices to be delivered through OP_RETURN messages recorded on the Bitcoin blockchain. According to reports, advisers acting for the plaintiffs sent 98 rounds of dust transactions containing notice links in June and July 2025. The wallet that later moved its coins received one of those notices on 31 July 2025.
Galaxy Research tracked the address as a defendant in the case. Following the transaction, head of research Alex Thorn wrote that the coins were “not, in fact, abandoned.”
Separately, a New York court issued an order on 5 June pausing further proceedings in the lawsuit until a hearing on 14 July.
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Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
