US Woman Finds Out Hidden $500,000 Worth Of Bitcoin During Divorce Proceedings


Just a few months into her divorce proceedings, a US woman thought it was suspicious that her spouse, who earned $3 million annually, didn’t have many assets. 

After spending half a year on discovery and enlisting the help of a forensic accountant, the housewife eventually tracked down 12 bitcoins — then worth half a million dollars ($500,000) — in a previously undisclosed crypto wallet of her husband’s.

US Women Finds Out About Husband’s Hidden Bitcoins

goldmanlaw303

Sarita (name changed to maintain anonymity), who was married for a decade, said she felt blindsided by her husband’s cryptocurrency investment, as per CNBC.

“I know of bitcoin and things like that. I just didn’t know much about it,” she said. “It was never even a thought in my mind, because it’s not like we were discussing it or making investments together. … It was definitely a shock.”

The world of financial infidelity has become increasingly sophisticated, as investors “hop” coins across blockchains and sink their cash into metaverse properties. An NBC News poll found that 1 in 5 Americans have invested in, traded or used cryptocurrency, with men between the ages of 18 and 49 accounting for the highest share of all demographic groups.

Most divorce attorneys from Florida, New York, Texas and California, blockchain forensic investigators, financial advisors, as well as spouses who were either hunting down virtual coins or the crypto holders themselves, agree that the law can’t keep up with all the new ways that people earn and safeguard digital assets that largely exist outside the reach of centralized intermediaries such as banks.

Also Read: US Man Pays 10,000 Bitcoins For Pizza

Another Divorcing Couple Fought Over Crypto

shutterstock

Last year, news came out regarding a wealthy San Francisco couple fighting not just for children, profits from the sale of the husband’s software company and their $3.6 million home, but also for cryptocurrency.

Erica and Francis deSouza’s most fierce court battle concerned a bitter dispute over millions of dollars in missing Bitcoin. The husband had bought a little over 1,000 Bitcoins before he separated from his wife in 2013 and then lost nearly half the funds when a prominent cryptocurrency exchange collapsed, as per a New York Times report. After three years of litigation, a San Francisco appeals court ruled in 2020 that Mr. deSouza had failed to properly disclose some elements of his cryptocurrency investments, which had exploded in value. The court ordered him to give Ms. deSouza more than $6 million of his remaining Bitcoin.

In recent years, divorces, especially in the US, are turning ugly due to crypto’s involvement. But it is the difficulty in tracking and valuing cryptocurrency that is creating new headaches in the legal world.

Also Read: ‘Bam Bam Bitcoin Beach’ In Portugal

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here.



Source link

Share:

Facebook
Twitter
Pinterest
LinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked *

On Key

Related Posts

Bitcoin and XRP Play to the Top!

There has been a notable rally in the cryptocurrency markets today. The price of Bitcoin (BTC) briefly surpassed $58,000 again, while Ethereum (ETH), Solana (SOL)