Plaintiffs Value Each of 39,069 Bitcoin Wallets Under $10 to Fast-Track Suit, but Median Value Is $3.86M
In a novel legal move, plaintiffs dusted 39,069 dormant Bitcoin wallets as a method of court-authorized service, then valued each wallet at under $10 to expedite the case. However, the wallets' actual median value is $3.86 million, and over 20,000 wallets last moved in 2009, holding 1.1 million BTC.
most of these coins last moved between 2009 and 2013, when Bitcoin traded from $0 to a few hundred dollars. 20,455 wallets last moved in 2009 alone, holding 1.1M BTC
the 39,069 defendant set is the 2025 dusting set minus 348 wallets. 339 of those 348 spent coins after being dusted, proving they weren't abandoned. the plaintiffs sued only the wallets that stayed silent, but that’s almost all of them (after all, hodling silently is FINE)
how do you serve 39,069 anonymous defendants? you dust them again. on May 21-22, 2026, the plaintiffs sent 98 batched OP_RETURN transactions to all 39,069 wallets, court-authorized service via the blockchain is this a legit form of service? i attack it in the report
the plaintiffs' anonymous expert valued each of the 39,069 wallets at <$10. reality: median $3.86M, mean $7.51M. 99.9% of wallets are worth more than $10 today but their <$10 valuation helps fast track their case…
even valued at each coin's last on-chain move (the most generous basis, which assigns $0 to all pre-July-2010 coins), the set was worth $6.6B and 7,108 wallets individually cleared $10
most of these coins last moved between 2009 and 2013, when Bitcoin traded from $0 to a few hundred dollars. 20,455 wallets last moved in 2009 alone, holding 1.1M BTC
the 39,069 defendant set is the 2025 dusting set minus 348 wallets. 339 of those 348 spent coins after being dusted, proving they weren't abandoned. the plaintiffs sued only the wallets that stayed silent, but that’s almost all of them (after all, hodling silently is FINE)
how do you serve 39,069 anonymous defendants? you dust them again. on May 21-22, 2026, the plaintiffs sent 98 batched OP_RETURN transactions to all 39,069 wallets, court-authorized service via the blockchain is this a legit form of service? in the report, i argue it is not
the plaintiffs' anonymous expert valued each of the 39,069 wallets at <$10. reality: median $3.86M, mean $7.51M. 99.9% of wallets are worth more than $10 today but their <$10 valuation helps fast track their case…
even valued at each coin's last on-chain move (the most generous basis, which assigns $0 to all pre-July-2010 coins), the set was worth $6.6B and 7,108 wallets individually cleared $10