Key Takeaways
- A bitcoin wallet dormant since 2011 moved 35.55 BTC on June 2, directly undermining Noah Doe’s abandoned-property claim.
- Galaxy Research’s Alex Thorn flagged the move, noting the address was Salomon-dusted in the $293B NY lawsuit.
- A New York default judgment is expected by late June 2026, though full title transfer remains legally unlikely.
The Move Noah Doe Likely Did Not Expect
Galaxy Research flagged the transaction in real time. The address, 1LwWtSs7tMCwcRczQd5kVMv3xpWw6w4Sxe, received its first coins on March 27, 2011, when one bitcoin traded for roughly $0.87, weeks before BTC crossed $1 for the first time. The wallet sat untouched for 15.2 years before moving in block 952104.
Galaxy Research’s Alex Thorn noted on X at 7:30 a.m. ET on June 2, 2026, that the wallet had been attributed to “Noah Doe #38215” in the firm’s onchain tracking and was listed as “Salomon-dusted,” a reference to the dust transactions plaintiffs used to serve defendants in the case. Thorn’s X post was direct:
“These very old coins were served by ‘Noah Doe’ in the abandoned property case. Apparently, they were not, in fact, abandoned.”
What This Does to Noah Doe’s Legal Theory
The movement matters because the entire case rests on a legal claim that the targeted wallets qualify as abandoned property under New York’s Personal Property Law, Article 7-B. A plaintiff identified only as “Noah Doe” filed the case on March 11, 2026, at the New York County Supreme Court under Index No. 153119/2026, seeking legal title to 39,069 wallets holding roughly 3,799,629 BTC valued at approximately $293.5 billion.
To trigger a low-value procedural shortcut under Section 257(2) of the statute, Noah Doe’s unnamed expert valued each address at under $10. That figure, if accepted, allows title to vest in the finder just one year after the find, bypassing a prolonged police holding period.
Galaxy Research’s onchain analysis already dismantled that valuation. The 39,069 addresses hold an average of 97.25 BTC each, worth roughly $7.5 million. The median wallet holds 50 BTC. Thorn described the gap between the plaintiff’s $10 valuation and the actual $293.5 billion total as “nine orders of magnitude.”
A Holder Who May Have Been Watching
The June 2 wallet move adds a different dimension. The coins did not move randomly. They moved after Noah Doe served the address via onchain dust transactions carrying a link to court pleadings. The fact that the holder responded, moving 35.546709 BTC, signals active ownership and direct awareness of the lawsuit.
The court authorized onchain service through OP_RETURN messages, with 98 batch transactions confirmed across Bitcoin blocks 950446 to 950576. Each targeted address received 546 satoshis alongside a notice pointing to the case filing.
What a Default Judgment Would Actually Do
Even if Noah Doe wins a default judgment, no private keys transfer. What a New York court order produces is a legal document that could be used against any named coins appearing at a regulated custodian or exchange, potentially freezing assets and forcing holders to prove ownership publicly.
Thorn describes this theoretical judgment as “a cloud on title,” adding that the true value of the case lies in that leverage.
A technical default is expected by late June 2026, approximately 30 days after service. Thorn estimates the probability that the court grants the full title-vesting declaration on default as low to moderate.
The case now includes at least one named wallet whose holder has already shown they are neither absent nor unaware.
