Florida prosecutors seized about $1.5M price of Dogecoin (CRYPTO: DOGE), Pepe (CRYPTO: PEPE), Solana (CRYPTO: SOL) and different cryptocurrencies after tracing funds from an funding fraud case to a pockets allegedly managed by a Chinese national.
The Workplace of Statewide Prosecution obtained a courtroom order to grab digital property linked to Tu Weizhi, who faces prices together with cash laundering and grand theft.
The investigation stemmed from a criticism filed by a Citrus County resident in July 2024, who reported dropping $47,421 in what seemed to be an internet funding scheme.
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Authorities stated blockchain evaluation led them to a pockets allegedly managed by Tu.
Relatively than restrict restoration to the reported loss, prosecutors sought forfeiture of the pockets’s full steadiness.
The Lawyer Common’s workplace valued the seized holdings at roughly $1.5M.
The pockets contained Dogecoin, Pepe, Solana, and Avalanche (CRYPTO: AVAX), in line with the state’s submitting.
Officers stated Tu is believed to be in China and can be arrested if he makes an attempt to enter the U.S.
The state didn’t disclose whether or not the property had been held on centralized exchanges or non-public wallets.
Prosecutors relied on Florida’s fugitive disentitlement statute to hold out the seizure.
The doctrine permits courts to proceed towards property when a defendant stays outdoors the courtroom’s jurisdiction.
Beneath the framework, defendants can not use Florida courts to contest forfeiture except they seem to face the fees.
Authorized specialists say the case displays rising consolation in making use of long-standing forfeiture doctrines to cryptocurrency.
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Angela Ang of TRM Labs stated the case highlights how blockchain transparency can support enforcement efforts.
“With the proper instruments, the traceability of public blockchains could make such seizures extra possible, not much less,” she stated.
Public notices present Florida businesses have pursued related forfeiture actions this yr throughout a number of counties.
A number of circumstances concerned wallets related to main blockchain networks and exchanges.
The seizure indicators an enlargement of how aggressively U.S. courts are keen to use forfeiture legal guidelines to cryptocurrency.
