US prosecutors move to cash in on $8.5M in seized Bitcoin

Re:US prosecutors move to cash in on $8.5M in seized Bitcoin by joering2 on Saturday December 16, 2017 @12:48AM (#15937986)

He plead not guilty and they already selling his forfeiture? Shame on them!!

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Re:US prosecutors move to cash in on $8.5M in seized Bitcoin by wmf on Saturday December 16, 2017 @01:22AM (#15938103)

If he wins I guess he can get the $8.5M.

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Re:US prosecutors move to cash in on $8.5M in seized Bitcoin by laurencei on Saturday December 16, 2017 @01:31AM (#15938137)

What happens if the value of BTC goes up or down though during that time though? What will he be entitled to?

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Re:US prosecutors move to cash in on $8.5M in seized Bitcoin by bradleyjg on Saturday December 16, 2017 @01:37AM (#15938159)

$8.5 million. Note that he isn't contesting the sale.

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Re:US prosecutors move to cash in on $8.5M in seized Bitcoin by RandomInteger4 on Saturday December 16, 2017 @02:15AM (#15938291)

Hypothetically, assuming he did contest the sale and Bitcoin went up, they would have to give him back the amount of bitcoin that they sold, since technically Bitcoin is an asset and not a currency in the eyes of the government, correct?

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Re:US prosecutors move to cash in on $8.5M in seized Bitcoin by bradleyjg on Saturday December 16, 2017 @10:01AM (#15939801)

I don't think so. If he contested it there'd be a hearing on the motion and either judge would allow the sale to go forward or he wouldn't. If the sale did go forward, and the defendant won at trial, he would still only get the $8.5 plus interest, regardless of what bitcoin prices did in the meanwhile.

I'm not sure what the legal standard is for this motion though.

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