Bitcoin Policy Institute Challenges 3.7 Million BTC Abandonment Claim as July 14 Hearing Nears

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The Bitcoin Policy Institute intervened as a defendant in a New York lawsuit seeking to claim approximately 3.7 million Bitcoin as abandoned property under state law. According to Galaxy Research, the targeted coins are valued at nearly $274 billion, though plaintiffs led by pseudonym Noah Doe cannot access any of them—they hold no private keys. The institute filed 15 affirmative defenses and plans to dismiss, arguing the claim would allow anyone to seize self-custodied Bitcoin held for more than five years. Judge Kathy J. King paused proceedings with a hearing scheduled for July 14. Evidence already undermines the abandonment theory: at least 31 listed addresses moved 17,527 BTC in June, with one dormant since August 2011 suddenly transferring 30 BTC in recent weeks.
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