Is it possible to seize and confiscate cryptocurrencies? Experts answer!
One of the positives that fans and holders of cryptocurrencies are always proud of and talk about is the non-seizure of their assets.
Ryan Radloff, CEO of Choice by Kingdom Trust, a cryptocurrency investment firm, made this clear in a recent interview.He said: I personally have my own free [unsecured] bitcoins. I have my own multi-signature bitcoins. Now you come and try to take it from me. There is no way you can get them out of my hands. It does not matter if the whole system fails or not; I have my own bitcoins and you can not do otherwise.
Despite such perceptions, it is very interesting that we now see that the police have been able to confiscate such large sums of money from criminals. Detentions are taking place not only in Britain, but all over the world.
South Korean authorities seized $47 million worth of bitcoins in late June. Earlier that month, the FBI recovered $2.3 million in bitcoins paid to Colonial Pipeline hackers.
The fact is that if criminals who trade cryptocurrencies are prosecuted, their digital assets will often be as vulnerable and confiscated as other non-digital assets such as jewelry and cash.
Of course, this does not mean that legal entities do not face any challenge in pursuing and seizing digital assets; Legal institutions for the seizure of cryptocurrencies face problems that are specific to these currencies and stem from their inherent nature.