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I agree with your last paragraph, but the prior makes total sense. The government aren't crypto experts nor were they trying to min-max their incoming half a bi
by ehnto 4y ago
I agree with your last paragraph, but the prior makes total sense. The government aren't crypto experts nor were they trying to min-max their incoming half a billion. They wanted it quick and easy.
- zeven7 4y agoI would expect a government to hold it as seized until they brought in both crypto experts and legal experts to help them determine what to do with it, probably via the judicial system. When Japan seized BTC from Mt Gox it was years before they converted it to Yen. The same goes for BTC seized by the US government in cases like Silk Road. The Bahamas didn't even convert it to the Bahamian dollar or USD. They converted to ETH. (Likely SBF did it for them.)
- A4ET8a8uTh0 4y agoYes, however, governments do on occasion hire experts in various fields. During my last conference the discussion was exactly on how you can't just drop millions of BTC/ETH w/e into the market without effectively hurting the price. It is not like they were trying to be nice to the markets. The money just had to be split between several cooperating agencies so there was a reason to maximize return in USD.
- hef19898 4y agoNothing to do with crypto and more with the fact FTX corporate struture is such a mess, and account owbership close to impossible to identify. Based on that, authorities on the Bahamas, which hold jusrisdiction over at least part of FTX, did their thing by getting a person, that might or might not have been in a position of authority, to comply with a legal court order. Ba All in all, nothing to see here. And in case the confiscated assets cannot be confiscated by the Bahamas a court will ultimately return them.