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>The SEC said that for the first time in connection to an ICO fraud, it has appointed a third-party custodian, or receiver, to secure the firm's cryptocurrency
by FLUX-YOU 9y ago
>The SEC said that for the first time in connection to an ICO fraud, it has appointed a third-party custodian, or receiver, to secure the firm's cryptocurrency holdings. Those assets include bitcoin, litecoin, bitshares, dogecoin and bitUSD.
How exactly do they plan to do that? Are they raiding machines for passwords/private keys as a part of asset freezing?
- IntronExon 9y agoMost people aren’t crazy, stupid, or brave enough to defy court orders indefinitely.
- FLUX-YOU 9y agoThey can move the cryptocurrencies out and claim they got hacked. How do you prove they know the password/private key to a new wallet address that isn't tied to any exchange identity/background check?
- IntronExon 9y agoSubpeana everything. The government has a lot of power and a long arm, and a few centuries of experience hunting down money trails.
- TeMPOraL 9y agoIt would take balls to do this while facing a risk of a prison sentence. As 'IntronExon wrote, "most people aren’t crazy, stupid, or brave enough to defy court orders indefinitely".
- PeterisP 9y agoIn the same way as with physically hidden (e.g. buried) loot. One way to do that is to monitor you and your contacts until someone attempts to spend any of that wealth, and then put them in jail for that.