Re:U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked...
by vmception on Friday November 06, 2020 @04:07PM
(#25011151)
> The above article is from Australia, but the manual is used internationally so I'm assuming it would be the same for the US:
As with all legal topics, not a good assumption.
> Essentially once they have court approval and know where the wallet is - hard drive, USB drive, digital wallet. They will confiscate the wallet (similar to physical property seizures from a drug dealer) then just transfer the BTC to an account or wallet they control.
You know this requires them having access to the private key. There is no "just transfer the BTC", there isn't even a guarantee that they are the only custodians of it as the wallet itself can be replicated and the "physical location" being in many places at once. There is no way of disproving that, only assuming based on most people's poor operational security.
As with all legal topics, not a good assumption.
> Essentially once they have court approval and know where the wallet is - hard drive, USB drive, digital wallet. They will confiscate the wallet (similar to physical property seizures from a drug dealer) then just transfer the BTC to an account or wallet they control.
You know this requires them having access to the private key. There is no "just transfer the BTC", there isn't even a guarantee that they are the only custodians of it as the wallet itself can be replicated and the "physical location" being in many places at once. There is no way of disproving that, only assuming based on most people's poor operational security.