#dormant wallets

[rwatimes]

New York Judge Halts Controversial Bitcoin Wallet Ownership Lawsuit

NY court freezes lawsuit claiming ownership of 39,069 dormant Bitcoin wallets worth billions. July 14 hearing will address contested ownership claims.

➤ A New York court has temporarily halted legal proceedings concerning a controversial attempt to claim ownership of 39,069 dormant Bitcoin wallets, potentially worth billions. ➤ The lawsuit seeks to apply New York's abandoned property laws to these inactive Bitcoin addresses, a novel legal strategy that an independent attorney is challenging. ➤ A July 14 hearing will address the contested ownership claims and the applicability of lost-property statutes to blockchain assets.

[rwatimes]

NY Court Pauses Default Judgment After Lawyer Argues 39,069 Bitcoin Wallets Were Not Abandoned

A New York attorney intervened to stop what could have been the largest courtroom judgment in bitcoin in history, filing an amicus brief that persuaded a judge to freeze proceedings

➤ A New York court has paused a significant legal case that sought to claim ownership of nearly 40,000 dormant Bitcoin wallets, valued at approximately $293 billion. ➤ An attorney filed an amicus brief arguing that New York's lost-and-found property law, designed for tangible assets, does not apply to digital assets like Bitcoin, and that dormancy does not equate to abandonment. ➤ The case's outcome has broad implications for self-custody Bitcoin holders, as the court will now decide if the novel legal theory of 'lost property' can be applied to unclaimed cryptocurrency.

[rwatimes]

Bitmine Expands Ethereum Staking As Dormant Wallet Exploit Raises Security Alarm Across Network

Bitmine, an associate of Tom Lee's, is adding to its Ethereum hoard in a reflection of continuing confidence in the asset amid increasing price uncertainty.

➤ Bitmine has significantly increased its Ethereum holdings through staking, signaling institutional confidence despite market volatility and a broader trend of maximizing yield. ➤ A sophisticated exploit has drained hundreds of dormant Ethereum wallets, with losses estimated at $800,000, raising alarms about private key security. ➤ The incident highlights the risks associated with legacy wallets and compromised private keys, urging users to audit and secure their old holdings.

[pavel-nosok]

Dormant Bitcoin address moves 3k BTC after price increased 6000% in 6 years

A dormant Bitcoin (BTC) wallet, “17TZNT,” sprung to life after six years of inactivity, moving 2995 BTC, roughly $82.3 million, to two new addresses today, Oct. 10. According to an image shared by blockchain security firm Peckshield, the wallet received 3,200 BTC on May 7, 2016, when the top cryptocurrency traded at an average of $459. One year later, the wallet transferred 204 BTC and has…

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