Revived Wall Street Firm Sparks Controversy Over $150 Billion “Abandoned Bitcoin” Claim

A strange new development has gripped the crypto world, as a revived Wall Street firm attempts to claim ownership of what it calls “abandoned” Bitcoin — worth an estimated $150 billion. The company, operating under the iconic name Salomon Brothers, has reportedly dusted around 40,000 Bitcoin wallets with tiny transactions, each containing an on-chain message demanding proof of ownership within 90 days. If owners fail to respond, the firm claims it may pursue legal action to take custody of these coins.

The tactic, reminiscent of old dusting attacks, has caused panic among some holders — one user even moved nearly $9.7 billion in Bitcoin following the warning. The targeted wallets collectively contain roughly 2.33 million BTC, sparking heated debates across the crypto community about the legality and motives behind this move.

According to a company representative, this initiative isn’t a scam but an effort to “secure wallets and protect the integrity of the crypto market.” The spokesperson claimed that abandoned Bitcoin could fall under unclaimed property laws in certain jurisdictions, and that Salomon Brothers seeks to establish a legal precedent to manage such assets.

However, experts dismiss the plan’s practicality. Since Bitcoin is decentralized and operates globally, it’s nearly impossible to enforce such legal claims across borders. Even if a court ruled in the firm’s favor, the absence of private keys makes transferring ownership impossible. Many analysts suspect this campaign is more of a publicity stunt or a strategic attempt to test legal gray areas.

While the effort has attracted attention, it holds virtually no chance of success. Crypto owners are advised not to panic — their Bitcoin remains secure as long as they maintain control of their private keys.