According to a recent report of BNN Bloomberg an early-phase Bitcoin investor has got a court order to disclose his secret passcodes.
It is worth noting that the investor is the same man who received a two-year prison for evading taxes. The media outlet further quotes the digital asset wallet held by the investors and allegedly holds crypto valued at $124 million as of writing.
In the last month of 2024, prosecutors requested the court to order Frank Richard Ahlgren III to disclose the 1,278 Bitcoins that he reportedly transferred to some location by using crypto mixing services.
These tokens are now worth almost $124 million, having more than doubled in value in the last year. The first American to be found guilty of tax offenses directly related to the sale of crypto assets was Ahlgren, an Austin resident.
Prosecutors said that Ahlgren’s property “cannot be attached by ordinary physical means” in their request. In order to prevent others from moving any virtual currency, the government requested that the court “not only restrain any virtual currency by order of this court but obtain the private keys to enable it access.”
The virtual currency cannot be recovered if the private keys are misplaced or destroyed.
Initial phase Crypto investors making millions nowadays
In 2024, early-stage cryptocurrency investors won millions thanks to the market’s explosive expansion. In recent days of 2024, the value of Bitcoin, in particular, increased and surpassed the $108k level.
A sizable amount of these investors’ money was invested in popular virtual digital assets like Ethereum, Bitcoin, and altcoins. Many first-phase cryptocurrency investors made millions of dollars in 2024, making it a profitable year.
A whale recently unloaded an additional $17 million into the cryptocurrency exchange Binance after storing a significant quantity of Ethereum assets.
The whale is linked to Nexo, according to the on-chain data. Ethereum has recently been dumped into the centralized cryptocurrency market by Nexo or wallet addresses connected to the cryptocurrency platform.
It is made up of over 18,000 unstaked Ethereum that were deposited to the exchange on December 13 and are estimated to be worth over $70.8 million.
According to Lookonchain, a whale purportedly connected to Nexo dumped 4,946 ETH, or $17.2 million, to Binance once more in the previous hour.
At an average price of $3,705, Nexo has dumped about 114,262 $ETH, or $423.3 million, into Binance since December 2. The Ethereum market has experienced significant dumping in recent weeks.
At the time of writing, Bitcoin was trading at $92,149, down 2.34 percent, while the market value of cryptocurrencies was at $3.23 trillion, down by two percent intraday.
