News

Alex Thorn, Head of Research at Galaxy Digital, disclosed progress in a lawsuit where two Wyoming-based companies are attempting to classify 39,069 dormant Bitcoin addresses as abandoned property. On May 29, attorney Ian R. Cohen submitted an amicus curiae brief, arguing that dormancy does not equate to abandonment. On June 4, Judge Kathy King issued a stay order, preventing the plaintiffs from obtaining ownership through a default judgment. On June 19, Ian R. Cohen countered that the plaintiffs set the value at $10 to circumvent the threshold, and on-chain data shows that 52 addresses moved 34,335 BTC, with 29 addresses transferring 12,302 BTC after being served, undermining the premise of abandoned assets.

According to ChainCatcher, analyst Alex Thorn stated that the case is still under review. If a default judgment occurs, it could have a profound impact on the legal definition of self-custodied Bitcoin assets and trigger a long-term debate over whether "dormant addresses are equivalent to ownerless assets."

BlockBeats News, June 20th, according to on-chain analyst Yu Jin's monitoring, in the past 3 hours, a whale on-chain used 16.555 million USDC to buy 23,490 SOL at an average price of $70.5, driving SOL up by 2% in the past 3 hours.