A US appeals court has rejected a lawsuit brought by Michael Prime, a man convicted of identity theft.
Prime claimed that the FBI wrongly erased his hard drive that contained over 3,400 Bitcoin
According to the court, Prime had repeatedly downplayed his cryptocurrency holdings during legal proceedings. The judges noted that Prime had claimed he owned little to no Bitcoin.
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The court found that Prime’s delay in asserting ownership over the Bitcoin was a key reason for rejecting his case. The judges also questioned whether Bitcoin ever existed. They stated that even if it did, giving Prime what he asked for would not be fair.
Records show that before pleading guilty to several charges in November 2019, Prime told officials he had about 3,500 Bitcoin. However, after his plea deal, he changed his statement and said he only had a small amount.
In a February 2020 disclosure, he reported owning between $200 and $1,500 worth of Bitcoin and told his probation officer it was his only asset.
Later, Prime claimed he was referring to the price of a single Bitcoin at the time. The court argued that the cryptocurrency’s value was much higher than what he claimed.
Trent Merrin, a former professional rugby league player from Australia, was recently charged with a reported theft of cryptocurrency valued at around $91,000. How did the case unfold? Read the full story.
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