logo

Over 2 percent Bitcoins confiscated by authorities worldwide

bitcoin confiscated by governments

Research analysts at one of the crypto news station revealed that 453,000 or 2.6 percent of the Bitcoins in circulation has seen the confiscation box at one point or another. The study reveals that two authorities confiscated over eighty-five percent of these Bitcoin.

The United States government confiscated all of her share of Bitcoins in a single case. Yes, the Silk Road case totaling up to one hundred and seventy-four thousand (174,000) altogether.

Besides the infamous Ross Ulbricht, Silk Road case an Eastern European authority confiscated over two hundred and thirteen thousand (213,519) Bitcoins carrying a crackdown on a crime syndicate.

Australia also took down over twenty-four thousand (24,518) Bitcoins in 2016 while another eleven thousand (11,000) were confiscated by the Europol in 2015.

The United States having confiscated most cases also seized almost fourteen thousand Bitcoins (13,873) in three different cases between 2014-2018.

U.S government as auctioned almost all of the confiscated cryptocurrency although still leading the crackdown countries’ leaderboard.

Can Bitcoin be seized?

Yes, you must be thinking how can a government seize a currency that does not exist in a physical form and even more so when the government of one of the crackdown location claims to have no presence of the coins, i.e., the Bulgarian government that denied possession of over two thousand Bitcoins.

No, technically the currency cannot be seized in the conventional manner of speaking, but the owner or the private key holder of a currency can be put into a situation either by law or by force to hand over the key, such as Ross Ulbricht.

Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

Related News

Hot Stories

TRON DAO Reserve Appoints Wintermute as the Latest Member and Whitelisted Institution
Cleanspark acquires BTC mining facility with 86 MW capacity
Ohm Staking Risks and Rewards
Bitcoin, Ethereum, Tron, and Chainlink Daily Price Analyses – 9 August Roundup
Bitcoin price analysis: Consolidation yet to yield results as $24k resistance strong

Follow Us

Industry News

Cleanspark acquires BTC mining facility with 86 MW capacity
BitMEX executive pleads guilty in court
Singapore’s crypto lender Hodlnaut shuts down
Celsius withdraws motion to rehire CFO at $92,000 a month
Crypto.com earns license of operation in South Korea