High Court freezes €52m worth of Bitcoin

They can't just put a freeze on it systematically like they can for a typical bank account, so most likely they will submit a transaction to transfer it into their ownership. If they don't move it, Collins could still control it with a copy of his private key.
 
Why can't the goverment introduce laws that could enable it cash in the Bitcoin now? They weren't too long in doing things in the aftermath of the Celtic kitten
 
How can the government transfer it into their ownership if the holder is unwilling to cooperate with the court. Do they have to dust off the thumbscrews.
 
Slim said:
I don't know but would be concerned that it will not be worth anything like €52million In 7 years!
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I hadn't read the article when I posted it.

I hope that the State doesn't end up with a liability to this guy when the price goes down.

Brendan
 
Brendan Burgess said:
How does a court freeze one's holding of Bitcoin?
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It must have been held on a centralised exchange - in which case they can freeze it just like they can freeze funds in a bank a/c. Either that or they found the private key or he gave them the private key.
 
Slim said:
I don't know but would be concerned that it will not be worth anything like €52million In 7 years!
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rob oyle said:
Exactly my thoughts... if Brendan is right, this'd be a huge loss to the taxpayer.
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Brendan Burgess said:
I hope that the State doesn't end up with a liability to this guy when the price goes down.
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These were your first thoughts. Mine was look how much revenue gov.ie is going to generate hodling for 7 years!
 
There was a case a couple of years ago where they had seized a BMW and returned the same BMW 9 years later and tried to argue that because it was the same car the man was not entitled to any compensation for loss of value.
I believe the accused was awarded €30,000 but I can't find the actual article I read at the time.
 
Leo said:
whenever the time comes, they can return 6,000 bitcoin
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Hi Leo

That makes sense.

I wonder if CAB has the systems in place to keep Bitcoin safely?

Someone will have to keep the code very safely and pass it on if they leave the job.

It must create a headache for them.

Brendan
 
Brendan Burgess said:
I wonder if CAB has the systems in place to keep Bitcoin safely?
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I doubt that. Institutional investors and hedge funds don't want to take on this responsibility so I don't think CAB would want to (or be equipped to).

Brendan Burgess said:
It must create a headache for them.
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It may be something that they're not used to dealing with - but it doesn't have to be a headache. They just need to use a crypto custodian service such as Coinbase Custody, BitGo, Gemini, - and a whole host of others. There's also non-centralised custodian Casa.
 
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