Add as a preferred source on GoogleMalaysia Court Orders 176.18 Bitcoin Returned in Bitkingdom Case
Nine claimants will receive a proportional share of the seizure, while 321.64 BTC was forfeited to the government. The seized Bitcoin was valued at about $17.64 million at the end of 2023.
Malaysia’s High Court ordered 176.18 Bitcoin (BTC) returned to nine claimants in the Bitkingdom case, while forfeiting the remaining 321.64 BTC from a 497.82 BTC seizure to the government.
The court apportioned the returned Bitcoin according to reported losses. It found that the nine claimants had deposited a combined 362.04 BTC after being promised daily returns of 1%. Police complaints in the case listed total losses of about 1,023 BTC, more than the amount seized.
The court held that laundering and mixing the Bitcoin through multiple transfers did not let the fraudsters acquire legal title or deprive the claimants of ownership. The decision follows the court’s finding that Bitcoin moved through intermediary wallets remained subject to ownership claims.
The seized 497.82 BTC was valued at about $17.64 million at the end of 2023.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.