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Author Topic: FBI has to follow bitcoin rules! How long will that last?  (Read 3087 times)
Epinnoia
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October 11, 2013, 10:00:13 PM
 #21

A great article by Wired on how the FBI might deal (or not deal) with their seized bitcoins:

http://www.wired.com/wiredenterprise/2013/10/silk-road-bust/

Very interesting problem for them: bitcoin has already been legally declared a form of currency, but they have no government-sanctioned method of dealing with bitcoin currency.  I'm guessing it either gets sold at auction or they tear up the private key.

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An FBI spokesperson quoted by Forbes explained that the amount of Bitcoins already seized was held from Silk Road user accounts, and that the agency has not yet been able to get to Ulbricht’s own encrypted Bitcoin wallet.

“That’s like another $80 million worth,” the spokesperson was quoted as saying.

The agency also appeared to be unsure what to do with the digital money trove once the Silk Road court case is closed.

“This is kind of new to us. We will probably just liquidate them,” the FBI spokesperson said.

http://rt.com/usa/fbi-silk-road-protest-785/

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geniusboy91
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October 11, 2013, 10:16:50 PM
 #22

I wonder what will happen to the coins (aka balances) belonging to people that were using the site for legal purchases?  Huh
I wouldn't expect anyone to ever see a (bit)cent. Legal users will just be lumped in with everyone else.
Interjekcion
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October 11, 2013, 10:24:26 PM
 #23

If the Feds connected that wallet to DPR, can't they just get a court order for the key to his wallet?

don't take your eyes off the charts
QuantumQrack
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October 12, 2013, 08:37:11 AM
 #24

He can plead the 5th, to avoid self-incrimination easily.
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October 12, 2013, 08:39:06 AM
 #25

If the Feds connected that wallet to DPR, can't they just get a court order for the key to his wallet?
This is a joke right?
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October 12, 2013, 10:28:46 AM
 #26

If the Feds connected that wallet to DPR, can't they just get a court order for the key to his wallet?
This is a joke right?

There is probably a legal difference between

  • a password to an ecrypted wallet file on your PC
  • a private key to an address in the blockchain.

BitMessage Address: BM-2DAxdCKXtA8crWFEHrHdwCVRmN6aDbrFYc
dserrano5
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October 12, 2013, 12:09:05 PM
 #27

He can plead the 5th, to avoid self-incrimination easily.

Or give a passphrase/privkey that unlocks only a chunk of the profits big enough for him to be able to plausibly claim that it's the whole stash.

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October 12, 2013, 01:37:21 PM
 #28

I don't know, but it seems it's going to be very complex to solve it.
Will he ever release the "secret" to unlock his wallet?

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