In what is coming to be known as an event of ‘first high-value restraint of cryptocurrency’ in New Zealand, police have confiscated an amount of $6.7 million in cryptocurrencies from a man for alleged movie piracy. The police seized $1.1 million in bank funds as well.
The Surreptitious Millionaire
The alleged pirate is a software programmer called Jaron David McIvor, a 31-year-old man from Hamilton, who lived in a rented property, modest by all measures, with a relative. The report says that the man’s bearings and belongings did not show any ostentatious presence of wealth.
However, following the investigation, the man turned out to be a millionaire, with more than $6 million worth of cryptocurrencies: now all seized by the police.
‘First High-Value Restraint of Cryptocurrencies’
Such confiscation has taken place earlier too. However, this is the first time that such a high value has been restrained in New Zealand.
McIvor has been indicted for alleged money laundering and he has been accused of receiving millions from an alleged illegal movie streaming site. This money, he invested in cryptocurrencies. The report says that McIvor helped create the website for the said piracy network. McIvor’s lawyer gave a statement to the New Zealand Herald in which he said that his client has denied the charges leveled against him.
McIvor’s assets have been frozen under the Criminal Proceeds Recovery Act, a civil act in which the court can take such an action if a person has made gains through illegal means. Meanwhile, the team of the investigating officers, who had gotten the cue from Inland Revenue Service is investigating other individuals linked with the website and living in the United States, Canada, and Vietnam.