15 May '13, 12am

And So It Begins: The Feds Target Bitcoin Transactions

And So It Begins: The Feds Target Bitcoin Transactions

The DHS is focusing on Dwolla, an online payment system (sort of like PayPal) that has become a popular way for Bitcoin users to transfer money to and from Mt. Gox. A Dwolla spokesman confirmed to BetaBeat that DHS and the US District Court for the District of Maryland have issued a "seizure warrant" for funds associated with the company's Mt. Gox account, which is known as Mutum Sigillum. "In light of the court order," Dwolla told BetaBeat, "...Dwolla has ceased all account services associated with Mutum Sigillum." The shutdown was first brought to light earlier today by Chris Coyne, the founder of OKCupid, who posted the following screenshot of an email from Dwolla notifying him of the DHS crackdown: The reason for the seizure is not entirely clear. Up to a point, Bitcoins may be allowable under federal law, but "if Bitcoins facilitate too much drug-dealing or money laun...

Full article: http://www.motherjones.com/mojo/2013/05/and-it-begins-fed...

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