On Wednesday, may 7. November, published by The Block, an investigation of seized Bitcoin. The result: high times was one of forty BTC owned by the state.
Actually, Bitcoin is protected against government seizure. Who manages its private keys well enough, can exclude the possibility of a foreign Takeover. Nevertheless, law enforcement authorities, to confiscate the Bitcoin, which were formerly known as criminal possession confiscated.
As a study of The Block shows, it’s not Peanuts: a Total of confiscated state authorities around the world 453.000 BTC. Of these, the lion’s share in the United States of America. The United States seized alone, a total of almost 200,000 Bitcoin. However, American authorities are „only“ between 4.100 and 10,000 BTC in the possession of the US. Because a majority of the BTC in advance to be liquidated in several auctions.
As The Block is reported, plays on the strike against Silk Road founder Ross Ulbricht a crucial role. Of the almost 200,000 confiscated BTC by US authorities over 110,000 come from the Wallet of Ulbricht. At that time, the US government is controlled according to the report, about 174.000 BTC. This corresponded to about 1.5% of the outstanding Bitcoin money supply.
– censorship-resistance as the value
promise of The censorship resistance is one of the fundamental value of the crypto-currency no 1 promise. The known are the many cases in which the authorities of the access to the incriminated Bitcoin, however, is managed, has been in the scene for turmoil. To explain the successes of the law enforcement authorities due to the carelessness of the owner. In the case of Silk Road founder Ross Ulbricht, the authorities managed the still-open Laptop from Ulbricht. For the investigators, it was then Easy to make the Private Keys Ulbricht’s assets.
The position of BTC is likely to be increasingly difficult. In the case of a responsible storage of the private key, an access by Strangers may be excluded. It is to be presumed that criminal structures are becoming more and more so-called Best-Practice examples, so responsibility to deal more consciously with their assets. The Darknet should come-giants at some point on the taste of Brain Wallets, it is for the authorities is virtually impossible to come into possession of the Bitcoin.
All the Figures are taken from The Block and referencing publicly available information such as authorities details of the investigation results.
