Plaintiffs in a $293 billion Bitcoin lawsuit filed a motion on June 18 to vacate a court-ordered stay, while opposing attorney Jason Cohen urged the court on June 19 to maintain the pause in proceedings. The case targets approximately 3.8 million BTC held in thousands of dormant wallet addresses, with plaintiffs claiming abandonment under New York property law. Galaxy Research reported that 52 named wallet addresses moved 34,335 BTC worth approximately $2.48 billion since the lawsuit was filed, with 12,302 BTC transferred after defendants were served onchain. A wallet identified as address #1504 in the case moved 200 BTC on June 19. Judge Kathy King scheduled a hearing for July 14, 2026, to address the stay dispute and consider Cohen's request to participate as amicus curiae.
Plaintiffs File Motion to Vacate June 4 Stay
Attorney David D. Lin, representing the plaintiffs, filed an affirmation on June 18 asking the court to vacate or modify a stay entered June 4 by Judge Kathy J. King. The stay halted proceedings pending a hearing on Cohen's request to participate as amicus curiae. Lin argued the stay was unnecessary and that defendants should be required to answer the amended complaint according to normal deadlines. He maintained that the proposed amicus had no standing to seek such broad relief. According to Lin, no defendant has appeared, retained counsel, or otherwise participated in the litigation.
Cohen Files Opposition to Lifting Stay
Cohen responded on June 19 with an 11-page affirmation urging the court to keep the stay in place. He argued that lifting the stay would effectively restart the path toward a default judgment involving tens of thousands of wallet holders who allegedly have no meaningful notice of the lawsuit and are unlikely to appear in court. "The stay is the Court's order, not mine," Cohen wrote, rejecting claims that the stay stemmed solely from a request by a non-party. Cohen argued that plaintiffs failed to demonstrate any material change in circumstances that would justify overturning the court's prior decision. "The Bitcoin blockchain, however, is a public ledger," Cohen wrote. "Every transaction ever recorded on it is permanently and transparently available for inspection by anyone."
Galaxy Research Documents $2.48B in Bitcoin Movements From Named Addresses
Galaxy Research's head of firmwide research, Alex Thorn, revealed that dozens of addresses named in the lawsuit have moved funds since the case began. "We checked the chain.. since the suit was filed, 52 of the named addresses have moved 34,335 btc on-chain (~$2.48b).. 29 of them moved 12,302 btc just since they were 'served'.. these addresses are not abandoned," Thorn wrote on X. The figures expand upon earlier examples highlighted by Galaxy Research, including a June 6 transfer of 47.26 BTC from a wallet dormant since 2011 and a separate Casascius coin redemption involving 25 BTC.
On June 19, 2026, a wallet from 2012 shifted 199.216 BTC from an address named in the Noah Doe case. Bitcoin.com News confirmed the onchain spend was named as wallet number 1504.
Cohen Raises Service and Due Process Concerns
Cohen renewed concerns regarding service of process. The lawsuit relies heavily on OP_RETURN messages embedded in bitcoin transactions and public notices intended to alert wallet holders to the litigation. Cohen argued that most wallet software does not prominently display such data and that dust-sized transactions carrying legal notices can resemble spam or address-poisoning attempts. He described the method as a "broadcast into a void," arguing that many targeted wallet holders would have little practical chance of discovering the notices. The filing also questions whether pseudonymous plaintiffs should continue operating under names such as Noah Doe, ABC Company and XYZ Company given the scale of the assets involved. "I'm also asking the court to unmask 'Noah Doe,'" Cohen wrote on X.
Court Schedules July 14 Hearing on Stay Dispute
The dispute heads toward a scheduled July 14 hearing, where the court is expected to consider Cohen's request for amicus participation and broader issues surrounding the stay. Threshold questions include whether dormant bitcoin can be treated as abandoned property, whether New York courts have jurisdiction over thousands of globally distributed wallet holders, and whether blockchain-based notice satisfies constitutional due process standards. The case is identified as ABC Company, XYZ Company, and Noah Doe v. John Does 1-39,069.
FAQ
What did plaintiffs file on June 18 in the $293 billion Bitcoin case?
Attorney David D. Lin filed an affirmation on June 18 asking the court to vacate or modify a stay entered June 4 by Judge Kathy J. King. Lin argued the stay was unnecessary and that defendants should be required to answer the amended complaint according to normal deadlines.
How much Bitcoin moved from wallets named in the lawsuit since filing?
Galaxy Research reported that 52 named wallet addresses moved 34,335 BTC worth approximately $2.48 billion since the lawsuit was filed. 29 of those addresses moved 12,302 BTC after they were served onchain. On June 19, wallet #1504 moved 199.216 BTC.
When is the next court hearing scheduled in the Noah Doe case?
Judge Kathy King scheduled a hearing for July 14, 2026, to address the stay dispute and consider attorney Jason Cohen's request to participate as amicus curiae.
