Anyone who refuses to hand over bitcoins is fined $10,000 daily

Happycoin.club - A Puerto Rican named Juan Reynoso, who refused to hand over $9.8 million worth of bitcoins, is being fined $10,000 daily.

In June 2024, Federal Bureau of Investigation agents confiscated Reynoso's laptop, which had software installed for the Ledger hardware crypto wallet. Law enforcement officials found out that the detainee had obtained 119 bitcoins through illegal activities, including drug trafficking, and decided to confiscate the cryptocurrency from him.

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Judge Francisco Besosa of the US District Court for Puerto Rico ordered the BTC forfeiture and required Juan to transfer the digital assets to a crypto storage facility controlled by the US government. However, Reynoso refused to part with the bitcoins and was therefore subject to sanctions. He was fined $10,000 for each day he violated the court order. Thus, in 980 days, the fine will reach the value of the coins that Juan must give up.

On March 6, US President Donald Trump issued an executive order to create a Bitcoin reserve fund to which the coins confiscated from criminals will be transferred. In this regard, it becomes obvious that after the confiscation, the Puerto Rican's bitcoins will settle on the balance sheet of the US government, which currently owns 198,109 BTC worth $16.3 billion. The remaining cryptocurrencies that security forces took from the criminals will be sent for storage to the state reserve of digital assets.

Some digital assets owned by US government