The cryptocurrency sector is replete with novel news stories, with the latest being that of a man who was able to successfully pay for his bail via cryptocurrency.
As per the U.S. Attorney General’s office, the accused individual, Martin Marisch, was charged with the hacking and tampering of servers associated with world-renowned video-games publisher Electronic Arts (EA) earlier this month.
Marisch, a Serbian/Italian dual-citizen, was arrested a fortnight back in San Francisco following which he had to make a court appearance explaining his actions. After the conclusion of the hearing, federal judge Jacqueline Corley ordered Marisch to pay a bail of $750,000 via Bitcoin or any other kind of cryptocurrency in order for him to be released to a halfway house.
This Judgement Though Intriguing Is Not Unprecedented
In light of this latest judgment passed by Judge Corley, the U.S. Assistant District Attorney Abraham Simmons noted that while this judgment may appear to be novel for your average law-enthusiast, the US judicial system has in the past ordered bail to be paid in various forms including real estate and other valuable assets including precious metals.
“It really is quite broad. The judge could order just about anything. What the objective is is to get the defendant to comply with an order to appear later. The idea is to get him to court, not necessarily to maintain the value of any particular asset. I would imagine that either side would alert the court of an extreme change in the value of the asset, but it doesn’t mean that the court would care one way or the other.”
More on the matter
Even though federal courts within the U.S now accept cryptocurrencies in lieu of conventional bail payments, the case is quite different when taking into account the nation’s local court system.
After the passing of the aforementioned crypto-bail judgment, Steve Wagstaffe, who serves as the District Attorney for San Mateo County, said:
“It’s a new world. I love the new world, but I don’t think a cryptocurrency bail would fly in San Mateo County Superior Court. I can’t believe they do. I think they strictly accept certified checks and currency.”
Marisch, who has been accused of hacking into EA’s servers and manipulation over 25,000 customer accounts is now scheduled to make another court appearance this coming Monday. If found guilty of the charges leveled against the 25-year-old, he could potentially be looking at a five-year prison sentence, a hefty fine to the tune of $250,000 as well as some restitution (if appropriate) for each violation.