Bloomberg Crypto
What Happens When Cops Seize Crypto and Bitcoin
Aug 1, 2022
Bloomberg reporters share insights on how law enforcement seizes billions in crypto from criminals, discussing challenges in understanding value, access, storage, and legal procedures. They highlight UK police outsourcing to Kamani and FBI using blockchain analysis, emphasizing the complexities of storing and auctioning seized assets.
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Quick takeaways
- Law enforcement faces challenges in seizing intangible cryptocurrency assets requiring specialized knowledge and procedures.
- Adapting to asset seizure involves training officers, appointing specialized advisors, and managing distribution dilemmas post-judgment.
Deep dives
Challenges in Seizing Crypto Assets
Law enforcement agencies worldwide face challenges in seizing cryptocurrency assets due to their intangible nature. Discovering and seizing these assets require specific knowledge and procedures, as accessing digital wallets involves using password seed phrases. Police often store seized crypto assets securely to prevent hacks or corruption within the force. However, the lack of standardized procedures poses challenges in handling, storing, and distributing seized cryptocurrencies.
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