A Texas investor has been ordered to hand over the keys to a $124 million Bitcoin fortune

Satoshi-era bitcoin buyers must hand over the cryptocurrency keys to his $124 million stash, a Texas court has ruled after a landmark conviction last year.

US District Judge Robert Bateman ordered early cryptocurrency investor Frank Richard Algren III to hand over the private keys to his Bitcoin (Bitcoin) The wallet and any other related digital asset storage devices.

Private keys are an encryption system that protects cryptocurrency wallets, giving their holder full access and control.

Judge Pittman’s order also prohibited Ahlgren and any of his agents from transferring cryptocurrencies or hiding digital assets from the court. Although Ahlgren can fund his monthly living costs with cryptocurrencies, the court’s decision aims to free approximately $124 million in digital assets attributed to Ahlgren and recover $1 million in court-approved damages, according to Ahlgren. Bloomberg.

Ahlgren’s Bitcoin Tax Stumbles

Ahlgren’s name became synonymous with the first cryptocurrency tax evasion case in the United States following his formal sentencing in late December. Federal prosecutors have issued a seven-count indictment against a bitcoin investor, alleging he falsely reported capital gains from the sale of $3.7 million worth of bitcoin and intentionally evaded taxes.

According to the Department of Justice, Algren, also known by his alias “Paco,” attempted to hide his blockchain footprint using sophisticated financial methods.

While the Bitcoin blockchain is public and immutable, some protocols allow users to hide their transactions to some extent, the Justice Department confirmed in a statement at the time. After a lengthy investigation and months-long trial, the Texas District Court ruled convicted Algren to two years in prison.