US secret service seized a Coinbase user over 25 bitcoins
United States secret service (USSS) seized more than 25 bitcoins from one of the users of Coinbase, and apparently, automatically converted them to U.S. dollars, resulting in $13 000.
It is reported Bitcoin.com with reference to the official notice published Saturday, July 23.
As stated in the notice, June 3, USSS seized $13 138,12 in US currency instead 25.0001538 BTC from your Coinbase account. The account was opened in the name of Richard P. underwood".
Any additional details that could shed light on the circumstances or motives of seizure of the assets of the designated user, the document is not given. The owner of the account has time until September 5 to claim the seized bitcoins.
In this story, the newspaper notes, amazing looks, the fact that the seized assets were almost immediately converted to Fiat. Currently it is unclear whether this was done in collaboration with Coinbase using their exchange, or in some other way. It is also unclear where the seized vehicles are stored.
Note that Coinbase has long been criticised by the bitcoin community for its policy towards clients and their personal data. Withdrawal of funds from your account by the staff of the Secret service suggests that the storage of crypto-currencies in the accounts of the platform differs little from holding funds in the Bank. Monitoring movements on the accounts for the latter is fairly common practice.
Earlier official representatives in the face of Coinbase CEO Brian Armstrong and co-founder Fred Ersama has repeatedly stressed its commitment to the policy of KYC (know your customer) and willingness to comply with all statutory requirements aimed at countering money laundering. Earlier this year, the company also has applied for a license in the state of new York (Regulations), the need for which has already led to the Exodus of a large number of bitcoin companies from that jurisdiction. The discontent of the bitcoin community was aroused and become public information that Coinbase was probably involved in the arrest of Artem Vaulin, Ukrainian the Creator of the world's most popular torrent tracker-Kickass Torrents (KAT). A native of Kharkov was arrested in Poland on request of the American authorities.
Search administrator KAT were investigated by a special agent of the Ministry of national security of the United States Jared Der-Yeghiyan. He, in particular, is known that at the time was able to find the owner of the infamous marketplace Silk Road Ross Ulbricht.
In materials of the Ministry of justice sent to District court of Chicago, Der-Yeghiyan explains in detail how he managed to find Vaulina. In this he was helped by a comparison of the data left on the various public Internet services: the study of the chain of e-mail addresses, IP addresses and other data the Der-Yeghiyan eventually was able to identify the administrator Kickass Torrents through the services of Facebook and Apple. According to the same scheme agent acted in the case of Silk Road.
This story is notable also was the fact that the arrest Vaulina had a hand and company Coinbase. In 2012, KAT began to take bitcoin donations, and, according to Federal agents, Coinbase, which was registered account Vaulina, readily gave them all the necessary records. In writing the report States that the total amount of donations amounted to $72 767.
Anyone who uses Circle, or coinbase to hold significant amounts of funds is an idiot at this point. You need to have your OWN wallet. MSigma makes a good one!
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