Theft Of 100 BTC Isn’t A Crime Because Bitcoin Isn’t Property

On June 30, a Russian legal court docket denied a movement to offer restitution to a sufferer of what would in lots of jurisdictions be a felony, arguing that Bitcoin (BTC), as a digital foreign money, doesn’t get pleasure from the identical property safety as different property.

The case goes again to 2019, when the 2 males impersonating Federal Security Service (FSB) brokers and their accomplices kidnapped the sufferer and compelled him into giving them 5 million rubles or $90,000 in money and 99.7 BTC — price about $900,000 on the time. The kidnappers have been sentenced to eight- and ten-year jail sentences. 

Virtual currencies haven’t any authorized standing

As a part of the legal proceedings, the sufferer requested the court docket rule to drive the thieves to repay the funds that they stole from him. The court docket dominated partially within the sufferer’s favor, asserting the thieves should repay the 5 million rubles. However, when it got here to the cryptocurrency, the court docket declared that it’s unable to fulfill the declare, since digital currencies usually are not acknowledged by Russia’s legal guidelines as authorized tender or its surrogate.

The sufferer should attempt his luck in a civil court docket. Regardless of any future authorized proceedings, this court docket choice is outstanding — in essence, it declared that Bitcoin theft shouldn’t be against the law.

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