When it comes to asset searches and divorce, there are many places to search for hidden assets. One important area where entrepreneurs or investors hide their assets are in cryptocurrency. Asset searches for cryptocurrencies have become much more mainstream. As of July 9th, there are 13,173 Bitcoin millionaires. Bitcoin is unique in that it operates in a peer-to-peer network that allows any individual in the world to send and receive Bitcoin without any middleman (like a bank, central bank or payment processor.)
So how can you tell if someone owns Bitcoin or another crypto? There is no ownership record by name, necessarily. In the U.S. many websites that will sell you bitcoin are required to take your name and other identifying information, but you are allowed to send the bitcoin to anywhere and there are no names required. Privacy at other sellers is higher. If you purchase bitcoin overseas, the transaction can be completely anonymous.
For an asset search you need to look for evidence of cash being turned into bitcoin. Look for any evidence of these types of accounts around the computer that you and your spouse share. Look for receipts with long strings in them like 1F5tAaz5x1HUXrCTLbtMDqcw6o5GNn4xqX. These types of strings and numbers can indicate cryptocurrency. Also, has there been any bank or Western union transfers to places like Coinbase? Or anything with coin in the title? GDAX, CEX.IO? Is any cash coming in from these types of places to pay bills?
Cryptocurrencies are usually held by individuals in two different ways either on the website in which they buy it or in an electronic wallet. The wallet is a mini-computer which is no bigger than a thumbnail and usually holds the user’s currency id codes.
It is not an easy asset to track but with the right know how you can locate cryptocurrencies and assess the value of it. If you suspect that someone is hiding assets in cryptocurrency then contact us for a custom asset search.
For more information about how to find hidden assets such as cryptocurrency, or if you want to move your divorce or family law issue forward then please contact Amaral & Associates P.C. today at (617) 539-1010.