A New York Supreme Court case involving a staggering $293 billion claim just got a lot more interesting. On-chain data this week showed bitcoin moving from addresses specifically named in the lawsuit — including a transfer of 200 BTC from one of those wallets. The movement comes as attorney Ian R. Cohen opposed an effort to lift a court-ordered stay that has frozen the assets.
The $293 billion claim and the frozen wallets
The case — titled ABC Company, XYZ Company, and Noah Doe — revolves around 39,069 bitcoin wallet addresses. The plaintiffs are seeking a massive $293 billion judgment. A New York Supreme Court judge previously issued a stay, effectively freezing those wallets pending further litigation. That stay is now under fire, with the opposing side pushing to lift it and unlock the funds.
Attorney Ian R. Cohen's opposition
Cohen, representing one of the parties, argued against lifting the stay. His filing didn't mince words. The exact reasoning isn't public yet, but the move buys time for whichever side benefits from keeping the wallets locked up. Cohen's opposition is a key procedural hurdle — if the stay holds, the billions stay put while the case grinds through discovery and motions.
On-chain movement observed
Then came the on-chain action. Data shows that 200 BTC — worth millions at current prices — moved from a wallet explicitly named in the lawsuit. That's not all. Billions of dollars worth of bitcoin shifted from other addresses tied to the litigation. The timing is notable: the transfers happened just as the court was weighing the stay-lifting request. It's unclear who initiated the transfers or whether they violate the stay. The judge may have something to say about that.
The court hasn't ruled on whether to lift the stay. Cohen's opposition brief is now on file. The other side will likely respond. In the meantime, those 39,069 wallets — and the bitcoin that just moved — remain at the center of one of the largest crypto-related lawsuits ever filed in New York. Expect more filings in the coming weeks.
