The police have full authority to take it. The police has the right to confiscate tools and media used to carry out illegal actions such as drug transactions that use bitcoin as a means of payment. The police will take it if they can. the police will interrogate the drug dealer to be able to open his bitcoin wallet.
The acquired bitcoin will be decided in the trial, whether the bitcoin is the right of the government or others.
Topic: What does the police do if they seize bitcoin from criminals? (Read 685 times)
You are right that law enforcement is at the top of the list of corruption because they do what they want because the government does not have proper supervision However due to the lack of validity of Bitcoin it will be converted into Fiat currency and its circulation will be increased. However Bitcoin cannot be used as virtual currency by the police Will be deposited in the treasury of the government and they will perform the work as directed by the government.
If Bitcoin currency has been declared illegal in your country however, it is no less than taking drugs to carry. If the police seize bitcoin, it will not be a problem to convert it into domestic currency. Many times it is deposited in the police treasury. May be deposited in the state treasury of the country. And you know very well that it is not very difficult for the police to convert Bitcoin into national currency because they all know how to do it.
The problem is when the police become corrupt because they see the big number behind bitcoin. That can lead the corrupt police to take a small amount of the money after converting the local currency or sending a small amount of satoshi to their own wallet. But we hope that the police will not do that because the police represented by justice for the people. Many criminals choose to use bitcoin for a billion reasons. I don't blame them. In fiat money, if police finds out that a drug dealer sells drugs, they arrest him and then his millions go to government.
If he had (let's say) 1000BTC what would police do? There is no law that says "Police can then take his private keys and move his coins to a government's address". If the police cannot do something with the money then they will leave them to his address. Will these coins get lost? I don't think so. When criminal gets fired from the jail (if he went) he will still have his fortune, right?
In 2013, silk road's owner had saved in bitcoin 400,000$ (by that time's price!!!).
Lol you already called them criminals. When you’re a criminal, what exactly do you expect the government to do, give you back your money when it’s clear that you got them by involving yourself in criminal activities?If he had (let's say) 1000BTC what would police do? There is no law that says "Police can then take his private keys and move his coins to a government's address". If the police cannot do something with the money then they will leave them to his address. Will these coins get lost? I don't think so. When criminal gets fired from the jail (if he went) he will still have his fortune, right?
In 2013, silk road's owner had saved in bitcoin 400,000$ (by that time's price!!!).
Lol, they are going to seize the money from you and then set up an auction just like they did the last time and the whole assets goes to the highest bidder while the money goes to the government pocket lol. Any money that’s not gotten legally, if you’re caught by the government, then you’re losing it as long they can prove how and where it was gotten.
If Bitcoin currency has been declared illegal in your country however, it is no less than taking drugs to carry. If the police seize bitcoin, it will not be a problem to convert it into domestic currency. Many times it is deposited in the police treasury. May be deposited in the state treasury of the country. And you know very well that it is not very difficult for the police to convert Bitcoin into national currency because they all know how to do it.
Lol, so the government took $48 million dollars and made them $1.1 billion?
Yeah, the government has done many things that put us thinking about their involvement into bitcoin. They were once against the said bitcoin and now after seizure they will organize an auction for what they don't believed in. The government of the united states of America had made huge amount of money from bitcoin auctions from inception. Many criminals choose to use bitcoin for a billion reasons. I don't blame them. In fiat money, if police finds out that a drug dealer sells drugs, they arrest him and then his millions go to government.
If he had (let's say) 1000BTC what would police do? There is no law that says "Police can then take his private keys and move his coins to a government's address". If the police cannot do something with the money then they will leave them to his address. Will these coins get lost? I don't think so. When criminal gets fired from the jail (if he went) he will still have his fortune, right?
In 2013, silk road's owner had saved in bitcoin 400,000$ (by that time's price!!!).
There are so many options for the development of events. First of all, is cryptocurrency legalized in this state, what status does bitcoin have there, are there regulatory acts on how law enforcement and judicial authorities should deal with cryptocurrency. It is also of great importance whether bitcoins are a means of committing a crime or seized to secure a claimed claim or confiscation of property.If he had (let's say) 1000BTC what would police do? There is no law that says "Police can then take his private keys and move his coins to a government's address". If the police cannot do something with the money then they will leave them to his address. Will these coins get lost? I don't think so. When criminal gets fired from the jail (if he went) he will still have his fortune, right?
In 2013, silk road's owner had saved in bitcoin 400,000$ (by that time's price!!!).
However, in order to decide what to do with bitcoins, law enforcement agencies first need to gain access to the secret keys with their wallet.
If criminals are careful, then they will never allow law enforcement to gain access to the secret keys of their wallets.
Depends on where the confiscated bitcoins end up to. In the US, they'd auction it off to buyers and the proceeds will go to the state. Tons of seized bitcoin auctions already took place in the US' soil and most of them end up the same way: cash for the public coffers. There's really not a lot places where the coins could go. It just goes back to the circulation of all bitcoins and that's it.
Similar thoughts. Most of these tainted coins are 'washed' by the police in order for it to be used 'cleanly' as if they weren't involved in any crime or wrongdoing.
There were cases that the police cleaned the records of the Bitcoin itself, thereby making it like a clean slate? To remove the stamp of it being a stolen BTC, and auction them off. There have been several instances of such events happening already iirc.
Similar thoughts. Most of these tainted coins are 'washed' by the police in order for it to be used 'cleanly' as if they weren't involved in any crime or wrongdoing.
The first thing they do is confiscate the bitcoins and give them to higher authorities where they decide what to do with them.
Some governments don't do anything and just keep them in a file or something.
I have heard that the belongings of a criminal are given back to them when they leave the prison in that case those bitcoins would be given back to the criminal. He must have a fortune I guess
Most of the governments auctions the belongings to and then use the money raised towards their developments.
So basically it depends on the governments what they want to do as it is different in every country.
Some governments don't do anything and just keep them in a file or something.
I have heard that the belongings of a criminal are given back to them when they leave the prison in that case those bitcoins would be given back to the criminal. He must have a fortune I guess
Most of the governments auctions the belongings to and then use the money raised towards their developments.
So basically it depends on the governments what they want to do as it is different in every country.
Bitcoin is a monetary system where you can own a virtual digital currency called Bitcoin as you wish and transfer it as you wish online banking. But if the police seize bitcoin from the criminals, they will hand it over to the government because it has not been legalized yet. In that case, the police will not accept it as it is illegal. Bitcoin is more secure when it comes to online banking.
I am very sure the police will convert the Bitcoin into fiat if they succeed in taking it from the criminals.
Knowing that there's really value, police will surely do that right away after recovering it from the criminals.Almost all countries have cyber crime, whose job is to solve crimes in the digital world.
This working bodies are the one responsible in working in any cyber based crimes.So there's no way the police don't know how to exchange Bitcoin, so use Bitcoin for illegal activities does not make our assets secure.
There's always radar from the police in regards to this particular digital money, maybe not all but there's department who deals with this.Therefore use Bitcoin for legal things, so the police will not take it.
This is confusing, police have the knowledge so if they catch you doing illegal they will confiscated it from you.
Bitcoin is no different from other assets or currency seized from the hands of criminals. Same fate before bitcoin as that of real estate, cars, physical cash etc. They'll either be returned to the rightfully owner if that can be proven or auction and used to fund the government or anti-crime organization that must has seized the bitcoin.
Just some questions though, why are the coins held by the Bulgaria government still in their holdings or are they holders too?
Just some questions though, why are the coins held by the Bulgaria government still in their holdings or are they holders too?
I am very sure the police will convert the Bitcoin into fiat if they succeed in taking it from the criminals. Almost all countries have cyber crime,
whose job is to solve crimes in the digital world. So there's no way the police don't know how to exchange Bitcoin, so use Bitcoin for illegal
activities does not make our assets secure. Therefore use Bitcoin for legal things, so the police will not take it.
It will absolutely not make your asset secure by doing illegal activities, Cybercrime groups are experts in tracking illegal activities but if you are an experienced illegal dealer you can make a move to lost them. About the assets, They sure keep it as bitcoin in the wallet just like this article I just read. whose job is to solve crimes in the digital world. So there's no way the police don't know how to exchange Bitcoin, so use Bitcoin for illegal
activities does not make our assets secure. Therefore use Bitcoin for legal things, so the police will not take it.
https://news.bitcoin.com/tax-agents-confiscate-bitcoin/
It just keeps me thinking about how did they get the seed and the paraphrase for the confiscated wallet.
Many criminals choose to use bitcoin for a billion reasons. I don't blame them. In fiat money, if police finds out that a drug dealer sells drugs, they arrest him and then his millions go to government.
If he had (let's say) 1000BTC what would police do? There is no law that says "Police can then take his private keys and move his coins to a government's address". If the police cannot do something with the money then they will leave them to his address. Will these coins get lost? I don't think so. When criminal gets fired from the jail (if he went) he will still have his fortune, right?
In 2013, silk road's owner had saved in bitcoin 400,000$ (by that time's price!!!).
Given a chance to deal with these criminals?for sure i will force them to give the security password and the Private key because all those Money for sure are taken from bad way and must be given to the much needed.If he had (let's say) 1000BTC what would police do? There is no law that says "Police can then take his private keys and move his coins to a government's address". If the police cannot do something with the money then they will leave them to his address. Will these coins get lost? I don't think so. When criminal gets fired from the jail (if he went) he will still have his fortune, right?
In 2013, silk road's owner had saved in bitcoin 400,000$ (by that time's price!!!).
In my country if there are case like this?for sure these People will be dead after getting the private keys lol.
These people don't deserve to be given second chances..
I am very sure the police will convert the Bitcoin into fiat if they succeed in taking it from the criminals. Almost all countries have cyber crime,
whose job is to solve crimes in the digital world. So there's no way the police don't know how to exchange Bitcoin, so use Bitcoin for illegal
activities does not make our assets secure. Therefore use Bitcoin for legal things, so the police will not take it.
whose job is to solve crimes in the digital world. So there's no way the police don't know how to exchange Bitcoin, so use Bitcoin for illegal
activities does not make our assets secure. Therefore use Bitcoin for legal things, so the police will not take it.
They do an auction and sell them. Selling through auction is the most logical option. In my local, if police seize any vehicles like motor bike or cars and if the owner don't claim their vehicle, later, authority sold them through auction.
I don't know here in our province but I saw something different.
At that time I was applying for a driver's license when I saw motorcycles full of rusts and decaying on the other side of an office. I think those motorcycles are caught without proper requirements and they are waiting for the owners to pay it that is why they are just there rusting away.
Maybe the idea of auctioning it is not an idea for them at that time.
Many criminals choose to use bitcoin for a billion reasons. I don't blame them. In fiat money, if police finds out that a drug dealer sells drugs, they arrest him and then his millions go to government.
If he had (let's say) 1000BTC what would police do? There is no law that says "Police can then take his private keys and move his coins to a government's address". If the police cannot do something with the money then they will leave them to his address. Will these coins get lost? I don't think so. When criminal gets fired from the jail (if he went) he will still have his fortune, right?
In 2013, silk road's owner had saved in bitcoin 400,000$ (by that time's price!!!).
If he had (let's say) 1000BTC what would police do? There is no law that says "Police can then take his private keys and move his coins to a government's address". If the police cannot do something with the money then they will leave them to his address. Will these coins get lost? I don't think so. When criminal gets fired from the jail (if he went) he will still have his fortune, right?
In 2013, silk road's owner had saved in bitcoin 400,000$ (by that time's price!!!).
It has become known to governments that Bitcoin and other digital currencies are among the most popular currencies among scammers. The main reason for criminals demanding bitcoin is that bitcoin is the first and largest digital currency in the crypto market, and it is the most valuable, as it has the highest trading volume compared to its peers, which makes it easy to buy, trade and spend. And it is also difficult to track and seize by the government.
Looking at the development of Bitcoin to date this coin is very popular, even the government also began to be interested in this technology. Governments are happening in my country they know Cryptocurrency, even the government legalized Bitcoin. So if police arrest criminals and they save money in crypto digital assets like Bitcoin. Of course, they will learn from the Crypto expert or learn about cryptocurrencies. The government can definitely catch criminals, even though criminals save Bitcoin. And the government can channel Bitcoin into cash to be seized by the government.
And if it is indeed possible, of course, they can get the private key easily from the perpetrator. After that, it will depend on the court there whether the asset will be sold and entered the state treasury or will be auctioned (somehow the meaning).
I don't think they can easily get the private keys from a criminal. It's usually either the criminals giving up their private keys for their sentence to be mild or their privkey storage was crappy. Otherwise, besides basically torturing the criminal to make him unwillingly tell where the keys are, the authorities may have no luck in finding them - or the criminal could simply say "I lost my keys".Or probably yield the keys to some addresses which have smaller funds and deny owning the rest which are connected to different wallets and have bigger amounts. After all, a Bitcoin wallet does not bear any name or identification. The authorities can hardly attach them personally to you.
There were cases that the police cleaned the records of the Bitcoin itself, thereby making it like a clean slate? To remove the stamp of it being a stolen BTC, and auction them off. There have been several instances of such events happening already iirc.
The official thing is to auction it off but you can never be sure what happens along the way just the way they do it when they seize cash.
If they get 1000 BTC nobody will know for sure if they seized 1010 and the 10 got "lost" somewhere. I don't trust people with money because greed usually takes over and they steal. Policemen are normal people hinding behind a badge and uniform.
True enough. Since records that are released in public are officially made by them, whether they are actually the truth or not remains to be known. Still, if exchanges do stamp the coins marked as coins that were stolen, such cases could possibly be avoided no? Police pocketing them (or anyone else for that matter) are unable to sell it due to it being stamped as a stolen coin, and even if they do mix it, it's a matter of them finding it out, right? They have no choice but to release it in the form of an auction so that the stamps of it being stolen are removed. If they get 1000 BTC nobody will know for sure if they seized 1010 and the 10 got "lost" somewhere. I don't trust people with money because greed usually takes over and they steal. Policemen are normal people hinding behind a badge and uniform.
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