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Started By
Message
Digital currency seized in alleged drug law violation in Charleston
Posted on 7/8/13 at 3:05 pm
Posted on 7/8/13 at 3:05 pm
LINK
quote:
In a case believed to be the first of its kind, federal authorities have seized a Charleston man's virtual currency due to an alleged drug law violation with possible links to a shadowy online black market.
The U.S. Drug Enforcement Administration recently posted a forfeiture notice indicating that agents had seized 11.02 Bitcoins worth $814 from 31-year-old Eric Daniel Hughes for allegedly violating the federal Controlled Substances Act. No other details were provided.
The seizure appears to mark the first time the federal government has gone after Bitcoins. That's prompted a flurry of speculation that the DEA had infiltrated the infamous Silk Road website, an off-the-grid marketplace where drugs are traded and Bitcoins are the only accepted currency.
“This is the first time something like this has happened with Bitcoin,” Adam B. Levine, editor and chief of the website Let's Talk Bitcoin!, which tracks developments with the currency and first reported on the seizure. “And the interesting subtext is: We don't have any idea just how involved the DEA is with Bitcoins.”
4
Posted on 7/8/13 at 3:17 pm to OnTheBrink
Posted on 7/8/13 at 3:19 pm to OnTheBrink
Not sure if it's been discussed...but how exactly do they seize bitcoins?
Posted on 7/8/13 at 3:21 pm to OnTheBrink
Allow me to reassure everyone the person arrested and shown in the photo in your link is NOT WikiTiger.
Posted on 7/8/13 at 3:38 pm to 90proofprofessional
quote:
Not sure if it's been discussed...but how exactly do they seize bitcoins?
It has been discussed here.
Latest I heard was that they didn't really "seize" the bitcoins so much as they setup a sting operation and the guy sent the coins to them.
But details are sketchy and I may be out of date on my info. I haven't been following it too closely.
Posted on 7/8/13 at 4:04 pm to WikiTiger
I think we can all admit that this guy is the scapegoat. It's $800 worth of weed. Come on govt.
Posted on 7/8/13 at 4:17 pm to OnTheBrink
quote:
And the interesting subtext is: We don't have any idea just how involved the DEA is with Bitcoins.”
They are powerless to stop bitcoins I thought
Posted on 7/8/13 at 4:56 pm to Broke
quote:That's not supported by the article linked in the OP.
It's $800 worth of weed.
Posted on 7/8/13 at 4:59 pm to Vols&Shaft83
quote:
They are powerless to stop bitcoins I thought
And, and....and bitcoins are anonymous!
Except when they aren't anonymous...
quote:Nick is probably just a statist luddite.....
“Bitcoins themselves do not provide anonymity guarantees, but their design makes it possible for transactions to be much harder to trace than traditional payment systems like credit cards or ACH (Automated Clearing House electronic credit) transfers,” Nicolas Christin, associate director of the Information Networking Institute at Carnegie Mellon University, said.
Posted on 7/8/13 at 5:30 pm to LSURussian
But Wiki assures us he could conduct untraceable transactions with complete anonymity with just a few precautions. And the precautions are not a significant inconvenience. Mr. Christin can't possibly be correct when no less an authority then Wiki says otherwise.
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