What does the police do if they seize bitcoin from criminals? - page 4.

Yamifoud

hero member

Activity: 2828

Merit: 518

Quote from: BlackHatCoiner on July 13, 2020, 10:20:24 AM

Lol, so the government took $48 million dollars and made them $1.1 billion?

That is a crazy thing dude. Does it mean that the authorities had to make money from this instead of locking it somewhere else? But anyway, it is better to look like that rather than it falls into the devil's hands.

It was really sure that the authorities will seize anything that is illegal but wondering how these people make an auction about their seized Bitcoin. Maybe it was their call and that is maybe their protocols by then rather get nothing benefited from it. And I believe that every country had its plan of what they actually do once caught up.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Lol, so the government took $48 million dollars and made them $1.1 billion?

seoincorporation

legendary

Activity: 3346

Merit: 3130

Well, here is the answer...

https://fortune.com/2017/10/02/bitcoin-sale-silk-road/

Let me quote the important part for you:

Quote

The U.S. Justice Department has claimed the proceeds from the sale of 144,336 bitcoins, valued at just over $48 million, that it obtained after shutting down the notorious online drug market Silk Road in 2013.

Those $48 millions are now capital of the government.

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

Quote from: BlackHatCoiner on July 13, 2020, 09:37:49 AM

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!!!).

When police investigate a case, and put one under arrest. After that, police can investigate further and if they can get private key, they can seize bitcoin from that one. It is not always the case will be resolved like that. There are two endings and depends on different cases but as the truth is, police often collects many spy information before arresting someone because of suspicious or fraudulent activities.

It means police mostly can seize illegal bitcoin, not all 100% but significant amount.

ChiBitCTy

legendary

Activity: 2282

Merit: 3014

Quote from: BlackHatCoiner on July 13, 2020, 09:37:49 AM

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!!!).

I'm pretty sure they can seize your assets just the same as when someone gets arrested and prosecuted and they can force you to hand over your assets. Now I guess whether they find it or not comes down to how well you've hid your bitcoin and if there is anything tracing bitcoin back to you ( when they go look for your assets by court order).

20kevin20

legendary

Activity: 1134

Merit: 1598

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.

But then you have Bulgaria who owns a massive stash of more than 1% of the existing BTC and hasn't sold/auctioned it yet. These Bitcoins have been seized as well.

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.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

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!!!).

Topic: What does the police do if they seize bitcoin from criminals? - page 4. (Read 685 times)