[2016-07-22] news.bitcoin.com-KYC Dilemma: US Secret Service Seizes $13k ...

[Strongkored]

KYC Dilemma: US Secret Service Seizes $13k from Coinbase Customer

In an official notification dated today, USSS announced that on June 3 it had taken control of “$13,138.12 in U.S. Currency in Lieu of 25.0001538 Bitcoins from Coinbase Inc.  Account in the Name of Richard P. Underwood.”

No further details were given regarding the circumstances or motives for the assets appropriation. The account holder now has until September 5 to lay claim to his one-time property.

Unusually, the original balance appeared to have been converted into fiat, marking an interesting practice on the part of law enforcement. It is unclear, however, whether this was done in conjunction with Coinbase through its exchange, or separately, and how the funds are now being stored.

READ MORE >>> https://news.bitcoin.com/us-secret-service-seizes-coinbase/

[InvoKing]

too many question being asked right now about coinbase...
" Interesting: U.S. Currency seized in Lieu of Actual Bitcoin from Coinbase Account. (Not Related to Kickass Torrents) "
dunno if it is a true statement since you have to reveal your identity to them from the beginning
" Bitcoin balances kept in a Coinbase wallet seemingly are no more anonymous than an equivalent bank account in USD "

[virtualx]

KYC Dilemma: US Secret Service Seizes $13k from Coinbase Customer

In an official notification dated today, USSS announced that on June 3 it had taken control of “$13,138.12 in U.S. Currency in Lieu of 25.0001538 Bitcoins from Coinbase Inc.  Account in the Name of Richard P. Underwood.”

No further details were given regarding the circumstances or motives for the assets appropriation. The account holder now has until September 5 to lay claim to his one-time property.

Unusually, the original balance appeared to have been converted into fiat, marking an interesting practice on the part of law enforcement. It is unclear, however, whether this was done in conjunction with Coinbase through its exchange, or separately, and how the funds are now being stored.

READ MORE >>> https://news.bitcoin.com/us-secret-service-seizes-coinbase/

Who is Richard P. Underwood? $13k is not enormous amount in western world, is it?  

[Strongkored]

Who is Richard P. Underwood? $13k is not enormous amount in western world, is it?  

I think no one has to know these people, because in some of the news I read they do not explain in detail. Maybe Richard P. Underwood's just a name to create an account. Yeah 25 BTC I think the amount of money that is still common for western countries.

too many question being asked right now about coinbase...
" Interesting: U.S. Currency seized in Lieu of Actual Bitcoin from Coinbase Account. (Not Related to Kickass Torrents) "
dunno if it is a true statement since you have to reveal your identity to them from the beginning
" Bitcoin balances kept in a Coinbase wallet seemingly are no more anonymous than an equivalent bank account in USD "

Maybe Coinbase provide the identity of its members, let alone us know Coinbase governed by the laws of the country they operate with it if the authorities want to request the data they need to express it not? just my [IMO]

[InvoKing]

...let alone us know Coinbase governed by the laws of the country they operate with it if the authorities want to request the data they need to express it not? just my [IMO]

yes coinbase should follow the laws of the us gov but this isn't what bitcoin meant to be at all