Earlier this month, Serbian cyber criminal Martin Marisch received an order to make his bail payment in “Bitcoin or any other cryptocurrency”. However, in a recent turn of events, the courts have had to backpedal, and have denied Marisch the opportunity to front his bail in cryptocurrency.
In the recent chain of events, the court has been observed to flip from its earlier decision of accepting Bitcoin or any other cryptocurrency.
Martin Marisch, the cybercriminal who was found guilty of infiltrating the computer systems at Electronic Arts, giving him access to more than 25,000 customer records and steal in-game items worth $320,000. He was eventually ordered to pay a bail amount of $750,000 in the digital currency.
However, when the courts attempted to process the payment, they had to face quite a number of challenges, leading them to decide to revert from their previous decision of accepting tokens for bail.
In due course of events, it’s noteworthy that paying courts by cryptocurrency is clearly very complex.
Initially, the courts were not prepared to accept cryptocurrency as the payment option and had to set up a suitable wallet so that it can accept funds.
Establishing a wallet led to numerous disagreements in regard to the structure of the process. Even if the authorities would have been successful in setting up a wallet, the FBI stated that accepting cryptocurrency wouldn’t have been possible owing to the liability issues. Such issues include keeping up with the highly volatile value of cryptocurrency, making it hard to be held as a bond for bail payment.
Taking an easier path to resolve the issues, the court turned down its initial order of paying in cryptocurrency and ordered Marisch to convert his crypto assets in fiat money and make the payment.
This led to a greater turn in the series of events, Martin doesn’t hold much of widely traded coins like Bitcoin and Ethereum but various lesser-known cryptocurrencies. Liquidating these coins to an extent of $7,50,000 would have led to adverse effects on the market of the coins.
After all these events and decisions, Marisch has been asked to convert cryptocurrency worth $200,000 into fiat money and make a payment to Electronic Arts for restitution and covering costs incurred in proceedings of the court.