Obligation to hand over all physical devices used to store cryptocurrencies and over $1 million to be returned to the US tax authorities.

In a ruling that sets a precedent in the digital asset landscape, a federal court in Texas has ordered Frank Richard Ahlgren III to hand over all the private keys and access codes of his wallets. The decision represents a turning point in the relationship between the American justice system and the world of cryptocurrencies.

Last December, Ahlgren, an investor who had purchased about 1,366 bitcoins in 2015 when the price was around $465, was sentenced to two years in prison for tax evasion. The case emerged after the defendant deliberately understated the capital gains earned from the sale of bitcoins worth over $3.7 million between 2017 and 2019.

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