Odaily Planet Daily News: Last month, early Bitcoin investor Frank Richard Ahlgren III was sentenced to two years in prison for tax fraud related to cryptocurrency sales. U.S. District Judge Robert Pitman ruled on Monday in federal court in Austin, Texas, that Ahlgren owes the government approximately $1 million in criminal restitution, and he must hand over his private keys and identify any devices used to store the private keys, as well as disclose all of his cryptocurrency accounts. In December of last year, prosecutors requested the judge to compel Ahlgren to disclose the whereabouts of at least 1,287 Bitcoins that he transferred through a 'mixing' service in 2020. The value of these Bitcoins has more than doubled over the past year and is now worth over $124 million. Ahlgren agreed to pay $1 million in restitution to the U.S. to compensate for tax losses incurred from underreporting the capital gains from selling $3.7 million in Bitcoins. Prosecutors stated that he used part of the proceeds to buy a house in Park City, Utah. In their request, prosecutors indicated that Ahlgren's assets 'cannot be seized by ordinary physical means.' The government requested that 'not only should any cryptocurrency be restricted according to the court's order, but private keys should also be obtained to allow access so that others cannot move it. If the private keys are lost or destroyed, the cryptocurrency will be irretrievable.' The judge's order states that without prior approval from the court, Ahlgren cannot 'squander,' transfer, or sell any property, but he can pay for 'normal monthly living expenses.' Ahlgren pleaded guilty on September 12 of last year and was sentenced on December 12. (Bloomberg)

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