US Justice Department Seized $3.6 Billion of Bitcoin

The Department of Justice just booked the largest financial seizure of 3.6 billion dollars of Bitcoin primarily stolen in 2016 (when it had a value of ~70 million). This seizure comes right on the heels of new press releases from the SEC that intimate the promulgation of regulatory and tax regimes for cryptocurrency and blockchain assets. With this significant seizure, the U.S. government now controls one of the largest bitcoin wallets in the world. 

Christopher Warren, the Managing Partner of Warren Law Group, states, “It will be fascinating to watch how the U.S. Government plans to divest itself of a fiat currency that it currently does not fully regulate, but only kind of regulates, without flooding the market and destroying the currency’s value. While Bitcoin offers digital anonymity, the government could still track down the individuals responsible for the theft and seize assets from their secure digital wallet.”

If you’re contemplating a Bitcoin acquisition or investment opportunity, such as a DAO or darknet transaction, it is critical to have an attorney well versed in securities and cryptocurrency provide due diligence. The attorneys at Warren Law Group will help ensure your assets are not taken fraudulently. Contact us at (866) WLGROUP or email info@warren.law to schedule your complimentary consultation.

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Christopher D. Warren

Christopher D. Warren, Managing Partner