Thailand Moves to Enable Seizure of Crypto Assets

[Jonathan Fairfield]

Thailand Moves to Enable Seizure of Crypto Assets

 

Police show off computers, cash, sports cars and other assets they seized from AlphaBay founder Alexandre Cazes on July 24.

 

BANGKOK — A government official said Wednesday it’s looking to allow law enforcement to confiscate the cryptocurrency of those involved in serious crimes.

 

Due to a legal loophole, police cannot seize cryptocurrencies from suspected or convicted criminals because they are not recognized under the law as are regular currency and assets, according to a representative whose agency is tasked with seizing assets in legal cases.

 

“We are holding meetings to study it,” Rattanawadee Somboon, deputy chief of the Legal Execution Department, said Wednesday. “Now it’s up in the air. There is no legal recognition whatsoever.”

 

Full story: http://www.khaosodenglish.com/news/business/2018/05/09/thailand-moves-to-enable-seizure-of-crypto-assets/

 

 

-- © Copyright Khaosod English 2018-05-09

[observer90210]

One can be fully confident that when it comes to seize assets or make money, things will speed up efficiently !

[janhkt]

If they are not in posession of the private cryptographic keys of said assets, they won't get anything, though. Not in a million years, literally.

[BuaBS]

27 minutes ago, janhkt said:

If they are not in posession of the private cryptographic keys of said assets, they won't get anything, though. Not in a million years, literally.

The FBI took the millions in bitcoin from the arrested Silk road guy.

And there are other examples.

[AsiaHand]

15 hours ago, observer90210 said:

One can be fully confident that when it comes to seize assets or make money, things will speed up efficiently !

What percent of that pile of cash will be buying the BIB and their families new Benz ?

[Srikcir]

2 hours ago, BuaBS said:

The FBI took the millions in bitcoin from the arrested Silk road guy.

And there are other examples.

Other examples are needed.

The 26,000 bitcoins the FBI seized belonged to Silk Road customers.

But the FBI failed to seize nearly 600,000 which Ulbricht (the "Silk road guy") himself was thought to be holding. https://www.theguardian.com/technology/2013/oct/07/fbi-bitcoin-silk-road-ross-ulbricht

 

[off road pat]

3 hours ago, Srikcir said:

Other examples are needed.

The 26,000 bitcoins the FBI seized belonged to Silk Road customers.

But the FBI failed to seize nearly 600,000 which Ulbricht (the "Silk road guy") himself was thought to be holding. https://www.theguardian.com/technology/2013/oct/07/fbi-bitcoin-silk-road-ross-ulbricht

 

Interesting articles, THX for the information !

[BuaBS]

5 hours ago, Srikcir said:

Other examples are needed.

The 26,000 bitcoins the FBI seized belonged to Silk Road customers.

But the FBI failed to seize nearly 600,000 which Ulbricht (the "Silk road guy") himself was thought to be holding. https://www.theguardian.com/technology/2013/oct/07/fbi-bitcoin-silk-road-ross-ulbricht

 

"ceding nearly 50 million USD to the federal government".

https://news.bitcoin.com/ross-ulbrichts-144336-bitcoins/

 

"30,000 Bitcoins seized during the Silk Road bust—worth about $20 million at the time—that were auctioned off by the U.S. government on 1 July 2014."

https://www.sciencemag.org/news/2016/03/why-criminals-cant-hide-behind-bitcoin

 

the FBI reported that it had seized 144,000 bitcoins, worth $28.5 million, and that the bitcoins belonged to Ulbricht

https://en.wikipedia.org/wiki/Silk_Road_(marketplace)

 

Lots of news sites and others with different $$$ numbers ,seized by the FBI.

 

Good news is , the FBI sold the bitcoin when it was still "cheap" , so they lost a lot. Ha Ha !

 

Law enforcement can put pressure on the alledged criminals or make deals , find the keys to get to the crypto's , and they have.