BlockBeats News, May 25th - A lawsuit filed on May 1st in New York is seeking a court order to declare ownership of 39,069 long-dormant Bitcoin wallets, raising significant legal questions about lost crypto assets and property law.

Plaintiff Noah Doe and two Wyoming limited liability companies (ABC Company and XYZ Company) claim that the Bitcoin associated with these addresses constitutes "abandoned" property found in accordance with the New York Abandoned Property Law, which has been reported to the New York Police Department. The lawsuit includes wallets belonging to early Bitcoin miners, and even addresses linked to Bitcoin's creator, Satoshi Nakamoto.

However, the legal basis of the lawsuit is questionable. Even if the court rules in favor, it is technically unenforceable because the Bitcoin network lacks a mechanism for "keyless fund reallocation." An analyst from research firm Castle Labs pointed out that the only exception would be if these coins were moved to a regulated custodian or exchange, where the court could compel the intermediary to take action.

The lawsuit lists a total of 39,069 Bitcoin addresses, but the founder of the on-chain analytics platform Timechain Index estimates that these addresses hold approximately 3.7 million Bitcoins (worth around $285 billion), far more than the amount claimed by the plaintiff. The analyst also noted that the plaintiff sent legal notices to addresses in a format unrelated to the balances, highlighting a structural flaw in the attempt. Data shows that there are currently 3.5 million Bitcoins dormant for 10 years and 6.6 million dormant for over 5 years.