US Feds seize $2.1 million more from Bitcoin exchange Mt. Gox

Mt. Gox sees $2.1 million more seized by feds from Wells Fargo account, total seizures now amount to $5 million.

@CharlesJGantt
Published Fri, Aug 23 2013 2:59 PM CDT   |   Updated Tue, Nov 3 2020 12:21 PM CST

The hits just keep coming for Bitcoin exchange Mt. Gox. Earlier this year, the US Department of Homeland Security had seized $2.9 million from Mt. Gox's Dwolla account, and now reports are coming in that say an additional $2.1 million was seized from the company's Wells Fargo accounts.

US Feds seize $2.1 million more from Bitcoin exchange Mt. Gox | TweakTown.com

That brings the total of the seizures up to $5 million and explains why recent withdrawal attempts from Bitcoin traders failed to process. On June 19, the $2.1 million held in Wells Fargo accounts was seized, which was one day before Mt. Gox suspended all US withdrawals.

The legal issues arose when Mt. Gox opened a Wells Fargo business account for Mutum Sigillum LLC (Mt. Gox's American subsidiary) but declared it as a business not engaged in money services. This was a falsification and the US government does not like it when you falsify financial documents. Head over to Source #2 to read the full seizure warrants.

A web developer by day, Charles comes to TweakTown after a short break from the Tech Journalism world. Formerly the Editor in Chief at TheBestCaseScenario, he now writes Maker and DIY content. Charles is a self proclaimed Maker of Things and is a major supporter of the Maker movement. In his free time, Charles likes to build just about anything, with past projects ranging from custom PC cooling control systems to 3D printers. Other expensive addictions include Photography, Astronomy and Home Automation.

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