Dormant BTC Wallet Moves $3.09M, Raising Questions About Lawsuit

A long-dormant Bitcoin wallet from 2011 has moved 40 BTC worth approximately $3.09 million, casting doubt on a $293 billion class-action lawsuit in New York State Supreme Court.

The transaction occurred in block 965330 and was tracked by Galaxy Research, which revealed that the coins had been untouched for almost 15 years.

Back in November 2011, each Bitcoin traded at an average price of $3, making the total holding then worth just $120. The wallet's owner has now realized a gain exceeding 2,571,000% on the original value.

The revived address is linked to an ongoing class-action lawsuit targeting dormant Bitcoin addresses, which the plaintiffs claim are abandoned and can be seized under New York State's lost property legislation from 1958.