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A federal court in Puerto Rico has found Juan Carlos Reynoso in contempt for failing to comply with an order to surrender 119.65 Bitcoin (BTC), valued at approximately $9.7 million. As a result, the court has imposed a daily fine of $10,000 until he transfers the specified BTC to a government-controlled wallet.
Seizure Order: The court mandated Reynoso to transfer 119.65 BTC to a government wallet within 24 hours. Instead, he allegedly dispersed the funds across multiple crypto wallets, actions described by the court as “frenzied” and indicative of an attempt to obstruct justice.
Contempt Ruling: Due to his non-compliance, the court held Reynoso in contempt, enforcing a $10,000 daily fine until he fulfills the transfer order.
Implications:
This case underscores the legal challenges surrounding cryptocurrency ownership and compliance with court orders. It also highlights the traceability of Bitcoin transactions, which can be monitored despite attempts to conceal or redistribute funds.
Failure to comply may result in escalating penalties, including potential imprisonment
Who is Juan Carlos Reynoso?
Juan Carlos Reynoso, a Peruvian national is a Puerto Rico resident currently involved in a legal dispute with U.S. authorities over his refusal to surrender 119.65 Bitcoin (BTC), valued at approximately $9.7 million.
He has been implicated in various legal issues, including alleged involvement in drug trafficking and financial crimes. He has also been associated with several multi-level marketing (MLM) cryptocurrency schemes, such as iComTech, OmegaPro, and TeaMiner, which have faced allegations of fraudulent activities.
In March 2023, Mexican authorities arrested Reynoso in connection with suspected cartel activity tied to Black Wall Street Capital; however, he was released a few months later in June 2023.
Currently, Reynoso is involved in a legal dispute in Puerto Rico, where he has been fined $10,000 per day for refusing to surrender 119.65 Bitcoin (BTC) to U.S. authorities. The court’s seizure warrant suggests that the Bitcoin may be connected to criminal activities, although specific details have not been publicly disclosed.
While Reynoso has been linked to various alleged criminal activities, the outcome of these allegations and any resulting convictions are not detailed in the available sources. Therefore, without specific information on convictions, it cannot be definitively stated whether he is a convicted criminal.
