A New York attorney has asked a state judge to unmask an anonymous claimant who wants to take legal ownership of roughly 3.8 million $BTC, including Satoshi Nakamoto’s holdings.
The request landed in the New York State Courts Electronic Filing system a few weeks before an in-person hearing on July 14.
Soon, a judge will have the ability to decide whether one of the boldest property claimants in crypto history — seeking ownership of near a quarter trillion dollars worth of $BTC — may keep its mask on.
The claimant calls itself “Noah Doe,” an obvious play on the John and Jane Doe placeholder names for legal procedures. Alongside two unnamed Wyoming companies, listed as “ABC Company” and “XYZ Company,” Doe sued in New York County Supreme Court.
Doe wants to obtain legal title to approximately 39,000 supposedly “dormant” crypto wallets holding roughly 3.8 million $BTC.
At Monday’s $BTC price near $64,500, that stash is worth approximately $245 billion.
the $10 trap: plaintiffs valued the claim at $10 to fit the lost-property statute.. cohen: so either it’s a $10 case with zero urgency, or it’s the largest attempted property seizure in us history hiding behind a $10 label
— Alex Thorn (@intangiblecoins) June 20, 2026
The $10 loophole
Despite the enormous value based on today’s $BTC price, the plaintiffs pegged each wallet’s value below $10.
That dollar amount is no accident. New York’s lost property statute, Article 7-B of the Personal Property Law, can hand a finder a quicker path to legal title when a found item is worth under $10.
For this reason, Doe valued each wallet under $10, which might have been true in the past when the price of $BTC was much lower.
Disturbingly, New York law defines “lost property” broadly.
Indeed, according to New York Personal Property Law Article 7‑B, § 251(3), “the term ‘lost property’ includes lost or mislaid property. Abandoned property, waifs and treasure trove, and other property which is found, shall be presumed to be lost property and such presumption shall be conclusive unless it is established in an action or proceeding commenced within six months after the date of the finding that the property is not lost property.”
On its face, that definition seems to favor Noah Doe. However, plenty of people disagree entirely.
$10 claims and a quarter trillion dollars
New York attorney Ian Cohen is among those who disagree, filing an amicus brief on May 29 calling Doe’s theory preposterous.
“A ruling accepting plaintiffs’ theory could open the door to systematic exploitation of long-dormant bitcoin wallets… effectively creating a private industry of ‘Bitcoin finders’ operating under color of lost property law,” Cohen wrote.
Protos reached out to Cohen, who referred us to his filings, including his granted motion to appear as amicus curiae, and his June 19 response.
Because Doe wants to repossess the property of people who prefer to remain anonymous — such as Satoshi Nakamoto — they’re unlikely to appear as defendants in court.
“Amicus curiae” allows a lawyer or organization who isn’t a party to the lawsuit, such as Cohen, to submit information to help the court decide.
Judge Kathy King granted Cohen’s request for amicus curiae and stayed the entire case pending the oral hearing on July 14. Cohen will participate in-person as amicus curiae.
The judge’s stay order ended the plaintiffs’ ideal outcome of a quiet, default judgment.
Back in the courtroom on July 14
Plaintiffs’ lawyer, David Lin of Brooklyn firm Lewis & Lin, tried to vacate that stay, but as it stands, will probably appear on July 14 to represent Doe.
As amicus curiae, Cohen has been clear: “If you want a judge to hand you Satoshi’s coins you should have to say your name out loud,” he posted on X.
Although Cohen is one of many people who’d like Doe to unmask themselves, Cohen hasn’t demanded that Doe personally appear, since Lin is technically allowed to represent his plaintiff.
Cohen has, however, asked Lin to justify the pseudonym. There should be a very good reason a party seeking hundreds of billions of dollars should get to use a fake name, Cohen argued.
Defendants in Doe’s action are approximately 39,000 wallet addresses. Each address received a “dust” transaction carrying an OP_RETURN output notice with a short blurb of text about the lawsuit.
Cohen called that method of legal service as indistinguishable from spam. “This is not service,” he said. “It is a broadcast into a void.”
Satoshi Nakamoto’s right to remain anonymous
Another problem with Doe’s claim is that supposedly abandoned wallets keep waking up.
Galaxy Research head Alex Thorn counted 52 named addresses that moved 34,335 $BTC after the suit’s initial filing. Of those, 29 shifted 12,302 $BTC after an OP_RETURN messaging scheme occurred.
These movements certainly weaken the premise that owners ever meaningfully abandoned their wallets in the first place.
This OP_RETURN dusting campaign surfaced last year under the revived “Salomon Brothers” brand name. Protos has previously documented that scheme, which sent tiny amounts of $BTC and text to old $BTC wallets.
‘Salomon Brothers’ returns — with a $279B bitcoin dusting scheme
Protos wasn’t able to easily verify whether the well-known Salomon Brothers actually published the messages.
A legal victory for Doe wouldn’t actually hand Doe private keys to the $BTC, but it would grant legal title from the State of New York.
The court has scheduled oral arguments for July 14 at 60 Centre Street, in an open courtroom where members of the public may attend.
