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Puerto Rico Resident Fined for Holding Onto Bitcoin Stash
A federal court in Puerto Rico has slapped a fine of $10,000 daily on President Juan Carlos Reynoso after he refused to surrender 119.65 BTC, valued at approximately $9.7 million. The seizure warrant was issued six weeks ago.
According to reports, the bitcoins were obtained through unlawful activities and are subject to forfeiture under federal statutes that permit the confiscation of assets linked to criminal offenses.
The court emphasized that Reynoso had the capability to comply with the warrant but chose to act in a manner that obstructed justice by attempting to place the coins beyond the government’s reach.
