Topic: Can virtual wallets be confiscated by courts? - page 2. (Read 840 times)
in my opinion it can happen. if we have violated the rule of law in the country we have occupied, then all evidence can be confiscated by state security forces, including digital wallets. security forces can confiscate all of our digital assets and wallets because we have misused crypto and used crypto to harm many people.
I think that it is quite possible to confiscate a cryptocurrency by court decision, which is stored in virtual e-wallets. I even read somewhere about several such examples of court decisions. Of course, for this, the court should be aware of the necessary information about such a wallet and, above all, access to the secret key of this wallet or purses. The decision itself without its execution also does not mean anything, since everyone who holds a secret key to the key will still have access to it even after the decision to impose an arrest or confiscation. In order to enforce this court decision, it will be necessary to transfer the cryptocurrency that has been seized or confiscated to another wallet controlled by the investigative or judicial authorities.
So does that mean that the law will not touch your virtual wallet in case of debt, for example?
Even if the government or law do have the power to confiscate or rights to deduct but they cant do anything as long the users is unknown or doesn't permit
any access on the wallet.
If monetary law enforcement agency know about your digital asset it means the owner of wallet or the exchange that you are using is working hand in hand with Government. I think this is possible because of the rate at which most exchange are asking for KYC.
but to confiscate it, the court must have a law that is legal. therefore it will be difficult from the court if it is in the government that does not have a legal rule on this matter
but to confiscate it, the court must have a law that is legal. therefore it will be difficult from the court if it is in the government that does not have a legal rule on this matter
It's worth money so the government will take it. There is no specific regulation over a painting or your collectible Hulk Hogan lunchbox. They still have value and someone else will give them money for it so off it goes.
If monetary law enforcement agency know about your digital asset it means the owner of wallet or the exchange that you are using is working hand in hand with Government. I think this is possible because of the rate at which most exchange are asking for KYC.
but to confiscate it, the court must have a law that is legal. therefore it will be difficult from the court if it is in the government that does not have a legal rule on this matter
This depends both on the virtual wallet and the court. Not all courts and countries' governments follow their own laws and a certain types of crypto storage are more protected and fool-proof than others.
From my understanding, the Virie market is one of those 'free market' "solutions." Might be something to look into.
From my understanding, the Virie market is one of those 'free market' "solutions." Might be something to look into.
If monetary law enforcement agency know about your digital asset it means the owner of wallet or the exchange that you are using is working hand in hand with Government. I think this is possible because of the rate at which most exchange are asking for KYC.
I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?
Remember is different per country, but if they know anything about a virtual wallet and the government wants to seize the currency they can try to hack into your account, or go to the company where the wallet is stored and ask for corporation. If how ever they don't find any clues that you own a virtual wallet, then there should be no problem other than going to jail because you cannot pay ur debt.
Why this question? Do you run a pharmacy lol
This is what happened with Ross Ulbricht, right? The FBI seized more than 200K coins from his wallet and later they auctioned all those coins. So my guess is that it is possible for the courts to confiscate the coins.
They seized his live unencrypted computer. That's how they accessed the coins. If he'd managed to shut down and purge his computer before being arrested and refused to let them know how to get into it they could not have gained ownership of those coins.
No court can confiscate a properly set up wallet. It's not technically possible. However since they have jurisdiction over you they can force some extremely unpleasant things on you yourself until or unless you agree to let them in.
If they never know about it then they can't force anything about it on you. You can bet your bippy they'll be watching any financial movements if they suspect you of something very closely though. In that case you need to stay away from any fiat through an exchange or traceable expenditure such as via Bitpay.
The cryptocurrency platform is still evolving, presently courts cannot confisticated your wallets except you declare and release your private key, In the near future when there will be global acceptance of the platform, the technological developmetn will be develop to a level where you can declare your portfolio, just as the fiat bank account balance.
This is what happened with Ross Ulbricht, right? The FBI seized more than 200K coins from his wallet and later they auctioned all those coins. So my guess is that it is possible for the courts to confiscate the coins.
Who auctioned the coins? The FBI? That is unethical, is it not? He probably worked on those coins but someone just auctioned it off when they took it away from him? Do you think there should be a way we can store coins in a virtual wallet that the court cannot confiscate?
Yes.. it was the FBI who auctioned his coins under the order from the courts. He had stored them in a virtual wallet, but the FBI agents were able to find the private key and transfer the coins. Anyway, those coins will be of little use for him. He is jailed for life without a chance of parole.
I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?
Yes they can confiscate your cryptocurrency if they are aware of it, it’s possible. Whether crypto assets are legal or illegal in your country, I believe the government can always confiscate it. It only gets worst when it is illegal in your country, cause you will also be punished severally for holding an asset that has been declared as illegal by the government of your country. In a place where it is legal, they won’t confiscate it if they are not aware you are in possession of cryptocurrency. Hope I gave the right answer to your question. To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?
I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?
Remember is different per country, but if they know anything about a virtual wallet and the government wants to seize the currency they can try to hack into your account, or go to the company where the wallet is stored and ask for corporation. If how ever they don't find any clues that you own a virtual wallet, then there should be no problem other than going to jail because you cannot pay ur debt.
Why this question? Do you run a pharmacy lol
That's right. Every country has their own set of laws. However, if you speak of cyber laws these days, many countries have been updating their laws to cater also that kind of crimes, since there are so many crimes perpetrated online or with the use of the internet. Today, there are a wide array of cyber crimes, and thus, it needs evidence that are mostly cyber in nature as well. Therefore, in many countries, it has given the court power to subpoena or check on online records and use them as evidence in order to help settle cases unlike before when technology is not as widely used as today.
If virtual currencies are illegal than our wallets can be blocked
If you are suspected for criminal activity can be blocked
Anyway i use vpn
Recommend you to use proton vpn
Even free version works rally well and you are protected
My internet is working better even with his vpn
You are right, then if that illegal also our wallet should be locked by into them, even if having a VPN then your wallet has compiled with KYC that most likely wallets having now in our personal data especially web wallets or apps wallet that we might convert to our local fiat.If you are suspected for criminal activity can be blocked
Anyway i use vpn
Recommend you to use proton vpn
Even free version works rally well and you are protected
My internet is working better even with his vpn
Then, yes, it might be our wallet can be confiscated by authorities if we have commit crimes.
If virtual currencies are illegal than our wallets can be blocked
If you are suspected for criminal activity can be blocked
Anyway i use vpn
Recommend you to use proton vpn
Even free version works rally well and you are protected
My internet is working better even with his vpn
If you are suspected for criminal activity can be blocked
Anyway i use vpn
Recommend you to use proton vpn
Even free version works rally well and you are protected
My internet is working better even with his vpn
I am also interested in this question. It became especially interesting after the SEC added 2 Bitcoin wallet of Iranian citizens suspected of fraud to the ban list. I just can not understand how the SEC will be able to influence these people with this decision? After all, now nothing prevents them from exchanging their bitcoins for another cryptocurrency and finally cash out this money. For example, through monero. And no one will know that these are the exactly this people.
Exactly, although its not the SEC by the Treasury Department and they even gave warnings not to deal with that Bitcoin address. So its possible that US might be able to pressure courts to issue an order to confiscate wallets as well. And we all know that US will do everything in their power to weed out those criminals hiding through crypto so right now we might see in happened in the future, just saying. 
I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?
Theoretically no, but in practicality it can be. The difference is can they prove you have bitcoins, if you are using something like coinbase for example and give your KYC information to them and make money and so forth, they will ask for your taxes and if you do not provide them that they will try to confiscate something from you, starting from more "real" stuff but can work their way into coinbase as well. To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?
Nothing like that has happened as far as I know but doesn't mean it can't be. However if you are using something without any name that means nobody really knows you have bitcoins anywhere and they can't confiscate something they don't know about. Charlie Shrem recently got burned about it because he failed to pay a million dollars in back taxes whereas he bought a bunch of stuff with bitcoin. Nobody could trace his bitcoins but it is obvious he has some.
I am also interested in this question. It became especially interesting after the SEC added 2 Bitcoin wallet of Iranian citizens suspected of fraud to the ban list. I just can not understand how the SEC will be able to influence these people with this decision? After all, now nothing prevents them from exchanging their bitcoins for another cryptocurrency and finally cash out this money. For example, through monero. And no one will know that these are the exactly this people.
I think all forms of ownership can be confiscated or used as evidence in court in all cases and not only debt. In the modern era like now, I think the government has its own law about all crimes in the online world, except that cases like this still seldom rise to the surface because usually courts only look for evidence in physical form, if someone is guilty without having a rough form so they usually continue to look for evidence to be brought to court, so in my opinion it is possible that the virtual wallet can be confiscated by the court.
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