Divorcing Couple Embroiled in Custody Battle Over $830,000 in BTC

A divorcing couple in the UK are pitted against each other for the rights to own $830,000 in BTC--the problem? There is absolutely no legal precedent for who gets the Bitcoin in the wake of a divorce.

Apparently, pre-existing custody agreements cannot be applied to digital assets. Just imagine the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term being shipped back and forth across town to spend one week with dad and one week with mum; it just doesn’t work.

Terrible humor aside, Business Insider (who originally reported on this sorry tale) explained that the UK-based law firm Royds Withy King is currently assisting clients in three separate divorce cases involving cryptocurrency.

This particular case stands out because of the sheer amount of funds involved. The soon-to-be-ex-husband in the case originally invested $110,000 in cryptocurrency when it was worth less than 15 percent of its current value.

Crypto Is ‘Not Going to Go Away’, and Neither is Divorce

Vandana Chitroda, partner at Royds Withy King, said that she expects that these are just the first few of what will be many divorce cases involving crypto. “We believe that Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term will be a significant feature in a large number of divorces. Whilst cryptocurrencies are volatile, they are not going to go away.”

Chitroda added that although no specific legal structure has been developed to deal with post-divorce distribution of crypto, “It is important that if you believe your husband or wife has invested in or purchased cryptocurrencies, such as Bitcoin, and you are separating, you tell your legal advisor.”

The divorce cases are another instance in a series of rather strange and unexpected clashes of the digital currency sphere with ‘real-world’ life. As Bitcoin and crypto have become more popular, a series of violent crimes involving the theft of Bitcoin at gunpoint have erupted. On a more positive note, Buddhists developed the ‘Lotos’ network, a coin that is intended to end religious corruption.

As crypto continues its journey throughout 2018 and beyond, there will undoubtedly be even more unusual happenings as the cryptosphere and the rest of the world collide. Enjoy the show--if nothing else, it’s going to be interesting.