The government can't seize your Bitcoin. Or can it?

Author: Adam Button | Category: Cryptocurrency

Another story of the government getting Bitcoin

One of the great arguments for cryptocurrencies is that no one can take them from you. If you own Bitcoin, it can't be seized.

Yet today we read another story about authorities taking digital wallets. The latest is that four people in Ohio were indicted by a federal grand jury for making fake IDs. Investigators seized $4.7 million in Bitcoin from the operation, which sold the IDs for Bitcoin.

So how did the investigators get the money?

There are no answers. Maybe the criminals kept the money on an exchange like Coinbase that turned it over.

Or maybe the government has something else: prison. Anyone can hide or withhold a private key but prison is an awfully convincing argument otherwise and the government is awfully experienced in getting people to talk in exchange for lighter sentences.

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose