07/10/2013

First digital currency seizure leads to questions

LE will have to address logistics of crimes where virtual currency is involved, including illicit drug transactions on sites such as Silk Road

By Glenn Smith
The Post and Courier

CHARLESTON, S.C. — A Charleston man caught up in online buzz over his alleged ties to the first-ever law enforcement seizure of digital bitcoins is offering to cooperate with authorities in an effort to clear his name, his lawyer said Tuesday.

The U.S. Drug Enforcement Administration recently attracted a bevy of Internet attention when it 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.

LexisNexis Copyright © 2013 LexisNexis, a division of Reed Elsevier Inc. All rights reserved.   
Terms and Conditions Privacy Policy
Back to previous page