A New York attorney has asked a state judge to unmask an anonymous claimant pursuing legal ownership of roughly 3.8 million bitcoin—including Satoshi Nakamoto's dormant wallet. The masked plaintiff, calling itself "Noah Doe," filed suit in New York County Supreme Court alongside two unnamed Wyoming entities to claim title to approximately 39,000 supposedly abandoned crypto addresses. At current market prices near $61,000 per bitcoin, that stash exceeds $230 billion.
Ian Cohen, a New York lawyer, filed an amicus brief calling the claim's legal theory "preposterous" and arguing that a ruling in Doe's favor would create a "private industry of Bitcoin finders" operating under lost-property law. Judge Kathy King granted Cohen standing to appear at the oral hearing on July 14 and issued a stay halting the case, blocking what would have been a quiet default judgment in Doe's favor. Cohen argues there's no good reason a party seeking hundreds of billions of dollars should hide behind a fake name.
The lawsuit hinges on a loophole in New York's lost-property statute. Article 7-B of the Personal Property Law allows a finder quicker legal access to property valued under $10. Doe valued each wallet below that threshold—plausible when bitcoin prices were lower, but now a transparent legal tactic. New York defines "lost property" broadly enough to include "abandoned property" and "treasure trove," and the statute presumes items are lost unless proven otherwise within six months of discovery.
But cracks in Doe's claim are widening. Galaxy Research head Alex Thorn documented that 52 named addresses moved 34,335 bitcoin after the suit was filed, with 29 addresses shifting 12,302 bitcoin after Doe sent legal notices via OP_RETURN messages embedded in blockchain transactions. Those movements undercut the premise that owners abandoned the wallets. Cohen called Doe's service method—dusting old wallets with tiny bitcoin amounts carrying lawsuit text—"indistinguishable from spam" and "a broadcast into a void."
The service problem cuts deeper. Doe's defendants are wallet addresses, not identifiable people. Satoshi Nakamoto and other dormant holders would never voluntarily appear in court to defend their coins, meaning Doe could win by default if the lawsuit proceeds quietly. Cohen hasn't demanded Doe personally appear in court, since plaintiff's counsel David Lin is technically entitled to represent the masked claimant. Instead, Cohen wants Lin to justify why anonymity is necessary for a case of this magnitude.
A legal victory for Doe wouldn't immediately hand over private keys or direct wallet control. It would grant legal title from the State of New York—a novel form of ownership that could enable forced liquidation or transfer proceedings. The July 14 hearing is open to the public at 60 Centre Street. The oral arguments will test whether a state judge thinks dormant cryptocurrency qualifies as abandoned property, whether anonymity can shield a claimant seeking $230 billion, and whether decades-old blockchain inactivity truly signals abandonment or simply patient investors.