The post Texas Court Orders Bitcoin Trader to Surrender $124 Million in Crypto Keys appeared first on Coinpedia Fintech News A Texas court has ordered Richard Ahlgren III, an early Bitcoin investor, to hand over the private keys controlling $124 million in cryptocurrency. The decision follows Ahlgren’s conviction in a groundbreaking case focused on tax-related cryptocurrency fraud last year. This marks a significant moment in the enforcement of digital asset laws. The Court’s Ruling U.S. District Judge Robert Pitman ruled that Ahlgren must reveal the encryption keys to his crypto wallets and identify all storage devices holding digital assets. This measure is intended to recover $1 million in restitution owed by Ahlgren after his conviction. JUST IN: TEXAS MAN ORDERED BY FEDERAL JUDGE TO SURRENDER PRIVATE KEYS TO $124M IN CRYPTO — BSCN Headlines (@BSCNheadlines) January 9, 2025 While the court allows limited access to funds for living expenses, it has prohibited Ahlgren and his associates from moving or hiding the assets without prior approval. Background of the Case Nicknamed “Paco,” Ahlgren faced a seven-count indictment in 2023 for misreporting capital gains from $3.7 million in Bitcoin transactions. Prosecutors from the Department of Justice (DOJ) revealed that Ahlgren used sophisticated blockchain techniques to hide the extent of his gains and lied to his accountant about his earnings. Acting Deputy Assistant Attorney General Stuart M. Goldberg highlighted Ahlgren’s efforts to obscure his activities, calling it a critical case for cryptocurrency tax compliance. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : Crypto Market Plunging Down: Is Ethereum Sliding Below $3000 as Bitcoin Heads to $88,000? , Why This Matters This case sets an example for how tax violations involving cryptocurrency are handled. It shows that the government has the power to force individuals to provide access to digital assets when crimes are involved. The decision also reflects the increasing focus on cryptocurrency enforcement. 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updateSubscriptionButton(); } } }); FAQs Is Bitcoin allowed in Texas? Yes, Bitcoin is legal in Texas. The state supports cryptocurrency use and has implemented crypto-friendly regulations. Where is the Bitcoin mining town in Texas? Rockdale, Texas, is a well-known Bitcoin mining hub, hosting some of the world’s largest crypto mining facilities.
