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.
The same procedure but they will auction the seized cryptocurrencies in open auctions and then the fiat funds will go to the government, throughout years we have seen many news headline about these auctions taking place in the US and even recently a few months back there was a big auction by the authorities for millions of dollars worth of bitcoin. 
Topic: What does the police do if they seize bitcoin from criminals? - page 3. (Read 685 times)
They can access the wallet especially if the money is from a dirty money, and their next move is something that we are not allowed to know. But technically, they have to get the funds back and put it into a government owned money not unless someone claimed that they are the victim of the scam. Criminals should not be able to access their money back again, because the case will be useless if ever.
No existing law for seizing Bitcoin or any other cryptocurrency, but everything that connects to commit the crime will be confiscated.
As most of the counties doesn't consider them a legal tender. So, It's better to auction them specially when a lot of people are interested in cryptocurrency.
Kinda worrying and intriguing at the same time. Considering how Bulgaria has no specific regulations on Bitcoin. Definitely they knew about Bitcoin before they operated a series of raid that resulted in seizing more than 200,000 Bitcoins.
They usually seize it if they can, and after a while organize an auction. If the said BTC has been proven to be used in criminal activity, there's a high chance they'll seize it.
I bet most government would auction this seized Bitcoin.As most of the counties doesn't consider them a legal tender. So, It's better to auction them specially when a lot of people are interested in cryptocurrency.
Guess each government has their own plan - although the fact that more than 1% of existing BTC is in the hands of Bulgarian government is kinda worrying to say the least.
Kinda worrying and intriguing at the same time. Considering how Bulgaria has no specific regulations on Bitcoin. Definitely they knew about Bitcoin before they operated a series of raid that resulted in seizing more than 200,000 Bitcoins.
As soon as possible don't commit any crime because it can make your assets and money to become wasted. As police aren't able to take his private keys, still the opportunity for him to handle his assets with freedom will also become useless. Criminals are unlucky if they get caught by the authorities that's why they are very careful.
Also one of the reason they are continuing to commit a crime is because there's no law that can take their assets away from them. They will just wait for the time where they can be free again and still commit crime after that. If police seize bitcoin from criminals then, maybe, governments will become rich enough because of the bitcoin's value.
Also one of the reason they are continuing to commit a crime is because there's no law that can take their assets away from them. They will just wait for the time where they can be free again and still commit crime after that. If police seize bitcoin from criminals then, maybe, governments will become rich enough because of the bitcoin's value.
If there is a criminal committing a crime and his transactions using Bitcoin, then of course the police will take it. Don't assume that the police
do not know how to sell Bitcoin, with the higher popularity of Bitcoin, intelligence the police will easily find out how to change Bitcoin into fiat.
With a Bitcoin court ruling it will convert to fiat and belongs to the government. If there are no regulations, there is a possibility that the police
will do it illegally. In my country Bitcoin is legal, so there is already a procedure for the seizure of Bitcoin and will be auctioned to become fiat.
do not know how to sell Bitcoin, with the higher popularity of Bitcoin, intelligence the police will easily find out how to change Bitcoin into fiat.
With a Bitcoin court ruling it will convert to fiat and belongs to the government. If there are no regulations, there is a possibility that the police
will do it illegally. In my country Bitcoin is legal, so there is already a procedure for the seizure of Bitcoin and will be auctioned to become fiat.
I think they will seize it, even though bitcoin is decentralized they still know how good to have this kind of money and if they are going to convert it to fiat currency it will benefit them so much, they will not waste it by ignoring it, its a big money and can help them so much by their finances. Those criminals who stolen that bitcoin should be in prison and if the police can trace who is the real owner of those bitcoin, they will try to return it to the original owner of the bitcoin but if there is no way to find it they will take over it to the government for the project purposes.
I'm pretty sure they'll seize the Bitcoin anyways. The law of seizing Bitcoin may not be written yet but Bitcoin is some sort of property anyways, if the Police can prove that Bitcoin involves in the crime itself, which can be done, they will seize the Bitcoin.
I'm not sure what they would do with the amount of Bitcoin but I think they'll put them in an auction and try to sell it to someone who needs it.
I'm not sure what they would do with the amount of Bitcoin but I think they'll put them in an auction and try to sell it to someone who needs it.
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?
There is no law that explicitly says so but the law is clear that anything related to a crime or to any illegal activity will be confiscated. As a matter of fact, in real life the confiscation far extends to items that are not actually part of the crime.
Normally, while the deliberation of the case is ongoing, the confiscated items will remain stored in a safe place. But when the court has already rendered its guilty verdict or specifically labelled those items to be illegally acquired, then those will become properties of the government. They have the prerogative on what to do with it.
The same is true with confiscated Bitcoins. I guess they have the freedom to either auction it immediately, keep it for a while until a decision is made on what to do with it, or simply convert it to fiat.
But we can only talk of the confiscated Bitcoins. If you have stored some which escaped the investigating eyes of the authorities, then lucky for you.
Since you live in a country where Bitcoin is not legalized the police can seize it. Then there are many ways to convert their country’s money from Bitcoin. It will then be deposited in the government treasury through the court of the police. When the police seize an illegal car or any illegal assets, Bitcoin will be deposited in the government treasury through the same process through which it is deposited in the government treasury.
Confiscating BTC and then auctioning it seem easy to take for a drug dealer.
With how easy it is to learn bitcoin and operate bitcoin wallet, you got to believe these days that police officers know how cryptocurrency works. Some of them probably have already invested in BTC. It's even possible that a corrupt police officer will deliberately target someone who uses BTC for their drug transactions and then confiscate the BTC for himself. Do you think this had even happen already?
With how easy it is to learn bitcoin and operate bitcoin wallet, you got to believe these days that police officers know how cryptocurrency works. Some of them probably have already invested in BTC. It's even possible that a corrupt police officer will deliberately target someone who uses BTC for their drug transactions and then confiscate the BTC for himself. Do you think this had even happen already?
This does not necessarily happen, my dear, this bitcoin resource can be sold by the government by public auction as it happened in Ireland and in the United States of America, where it seized some bitcoin that it says is illegal and sold it by auction at a cheaper price and then seized the money.
Don't worry about the government, there are a lot of ways to get this bitcoin seized.
Don't worry about the government, there are a lot of ways to get this bitcoin seized.
this is an important point because in most countries they have not legalized bitcoin because the police take the learned bitcoin and do auction as if it were legal goods? Wouldn't it be easier for them to legalize bitcoin to make everything clearer for everyone? and I also wonder about the moral issue, for example, people who buy the bitcoins stolen in the auctions do not have remorse? because without a doubt they are aware that the bitcoin that will be auctioned by the police was used to commit many crimes, I am of the opinion that the bitcoins learned should be donated to needy people
If only people knew where these seized assets (that are not sold at auction) are spent on, I wouldn't bother much, especially if it goes into something socially benevolent
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.
Going for an auction is the common practice on most of the countries to dispose the seized assets. When it comes to digital assets, conducting an auction is an complicated process.In one of the post it is mentioned about the country Bulgaria having a large volume of seized bitcoin. Probably Bulgaria will serve to be one among the top list with a big volume of bitcoin reserve over the falling years due to the increasing legalized usage of cryptocurrencies.
Guess each government has their own plan - although the fact that more than 1% of existing BTC is in the hands of Bulgarian government is kinda worrying to say the least.
As per 2019 article they at least have 213,519 BTC and Bulgaria has more than bitcoins hodl than its own gold reserve and it can be compared to the Huobi's cold storage wallet (the richest bitcoin address).Yeah, it's kinda worrying since a country having that huge amount of coins and not planning to auction or something about the stash they might be considering of planning on something that other countries may never know.
Many bitcoins in Bulgaria. Sounds a bit illegal country
If they change president(s), I wonder what will happen.
Well, it depends on the investigation of the police department. If those Bitcoin came from scam company and they had successfully traced the owner of the funds, there is a possibility that they will return it to the verified claimant, or if it is from an illegal transaction, they can just seize it and auction it later.
Guess each government has their own plan - although the fact that more than 1% of existing BTC is in the hands of Bulgarian government is kinda worrying to say the least.
As per 2019 article they at least have 213,519 BTC and Bulgaria has more than bitcoins hodl than its own gold reserve and it can be compared to the Huobi's cold storage wallet (the richest bitcoin address).Yeah, it's kinda worrying since a country having that huge amount of coins and not planning to auction or something about the stash they might be considering of planning on something that other countries may never know.
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.
If they are able to convert it into cash, most probably it will just go to the police department that went in to seize the bitcoins just like when they seize a money from a drug syndicates, if it is not that huge amount the central government would not take it. But I'm wondering if they could do that, if it happens to be in a hardware wallet then they could seize it but if it is in the online wallet the criminals could just lie to them so they have still money once they are in the prison unless someone freezes it.
I don't know how it will go, I haven't seen a case yet where police seized bitcoins from a criminal, would love to read one.
I don't know how it will go, I haven't seen a case yet where police seized bitcoins from a criminal, would love to read one.
The government didn't believe in any cryptocurrency asset especially in Bitcoin and that's why they auctioned it, which happens sometimes in the US marshals service after they confirmed of seizing crypto-asset confiscated from criminals. They usually compared the price into the exchange rate or in Coinsmarket Cap.
Look at this article, US Government Auctioning off Bitcoins Worth $37 Million in 2 Weeks. This year they actioned $37 million on US marshal service which is the Bitcoin was seized come from the criminals. They exchange seized Bitcoin into regulated fiat currency and the government will hold the real money not the virtual/digital currency.
Look at this article, US Government Auctioning off Bitcoins Worth $37 Million in 2 Weeks. This year they actioned $37 million on US marshal service which is the Bitcoin was seized come from the criminals. They exchange seized Bitcoin into regulated fiat currency and the government will hold the real money not the virtual/digital currency.
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