$293B Bitcoin ‘Noah Doe’ Lawsuit Faces Major Test After First Wallet Holder Files Motion to Dismiss

A pseudonymous bitcoin holder has become the first named defendant to challenge New York’s closely watched lawsuit seeking ownership of roughly 3.8 million BTC, as another wallet named in the case moved 500 BTC on July 2, further undermining claims the coins were abandoned.

The plaintiffs, identified only as Noah Doe along with Wyoming entities ABC Company and XYZ Company, argue they became entitled to the wallets after allegedly identifying dormant addresses with proprietary software, delivering lists of those addresses to the NYPD as found property, and invoking New York’s Personal Property Law Article 7-B governing lost property.

The stay remains in place while the court considers multiple pending motions. On June 18, plaintiffs’ counsel asked the court to vacate or narrow the stay, arguing the litigation should continue despite the amicus filing.

His appearance materially changes the posture of the case. Until now, the plaintiffs largely faced no direct opposition from named wallet owners, leaving open the possibility that much of the litigation could proceed without actual respondents participating.

Just two days after the filing, another defendant’s wallet became active onchain.

Each additional transaction presents another challenge to the plaintiffs’ central contention that the wallets were abandoned by their owners. The growing number of active addresses has become one of the most closely watched aspects of the litigation among legal observers and onchain analysts.

The next major milestone comes on July 14, 2026, when oral arguments are scheduled for 10:30 a.m. before Justice Kathy J. King at New York County Supreme Court.

The hearing is expected to address Cohen’s amicus application, the plaintiffs’ request to modify or lift the stay, and the newly filed motion to dismiss by John Doe 33, among other procedural issues.