UK Court Convicts Woman Found With More Than $4.3 Billion in BTC

[sirty143]

UK Court Convicts Woman Found With More Than $4.3 Billion in BTC

A London resident reportedly caught with bitcoins worth over $4.3 billion has been convicted for entering into a money laundering arrangement. The woman specialized in converting digital assets into physical assets... See more for yourself here.

Your opinion is greatly appreciated.

[Don Pedro Dinero]

This story is quite interesting because it is common in the forums the doubt of people who have a bitcoin from long ago but can not prove its provenance and it is an amount that today in its fiat equivalent has become so large that it is problematic. Suddenly your country's treasury sees that you have $4.3 billion when you have no way to justify it, other than saying that you have mined it a long time ago but have no proof can land you in jail, as in this case.

That's why people who find themselves in that case are better off spending bitcoin in small amounts that don't require KYC or trying to legalize the situation long before the ball gets too big.

[Tribalchief]

This story is quite interesting because it is common in the forums the doubt of people who have a bitcoin from long ago but can not prove its provenance and it is an amount that today in its fiat equivalent has become so large that it is problematic. Suddenly your country's treasury sees that you have $4.3 billion when you have no way to justify it, other than saying that you have mined it a long time ago but have no proof can land you in jail, as in this case.

That's why people who find themselves in that case are better off spending bitcoin in small amounts that don't require KYC or trying to legalize the situation long before the ball gets too big.

The story is quite interesting, yet at the same time, almost confusing. There was no statement of her stealing the money, but I realized that the form of business she was involved in isn't following the law, which means it's not legal. Having up to $4.3 billion in Bitcoin really tells much about someone that warrants probing and long-term investigation. Though there was no report of stealing or scam, earning such an amount from the conversion of Bitcoin to physical property without proper licensing is questionable.

Aside from that, I would also like to say: just as we value decentralization and privacy in the crypto space, I think we should be able to give an account for every penny entering and leaving our account. Why have a huge amount we can't defend when problems arise?