US Judge Orders EA Hack Suspect to Pay $750,000 Bail in Digital Currency

An accused, who allegedly accessed the secure market of famous game developing company, EA (Electronic Arts) through illegal means was arraigned in San Francisco Airport on August 8. He attempted to flee to Serbia when he met his Waterloo. EA Sports own the reserved right for favorite games like FIFA, Star Wars Battlefront with an overwhelming asset estimate of over $8.5billion.
The rogue, Marin Marsich, who is 25 years old had his first appearance before a court of competent jurisdiction on August 9 and was charged with a crime related to the illegal intrusion of the computer network of the gaming giant, EA.  This information was revealed by the US Attorney Alex G. Tse and FBI Special Agent in charge, John F.  Bennett.
Martin Marsich used to live in Italy and has dual citizenship of Serbia and Italy. According to an FBI affidavit read in court, it was expressly stated that the Bay Area Video Game Company discovered that they haven’t been hacked per say but that the rogue gained access to 25,000 accounts that customer to purchase items for video game use, this was duly reported by Daily post.
The accused was allegedly selling access to online games on black market websites having obtained (through illegal means) the requisite information from the computer network. He was also accused of stealing valuable digital items such as game tokens. According to the gaming company, EA, a loss of about $324,000 due to the closure of the compromised and stolen game account.

Is The US Legal System Embracing Cryptocurrency?

It appears that cryptocurrencies are now accepted for bail settlements in law courts as the United State Magistrate Judge, Corley, ordered that Martin Marsich be released, although, with a condition which must be fulfilled before his bail can be finalized. Amazingly, the term is that the post should be the equivalent of $750,000 in digital currency for bail. The magistrate judge gave room for payments through Bitcoin (BTC) or Altcoins, leaving it to the discretion of the accused.
Since the judicial system of the United States leaves the setting of bail terms at the judge’s discretion and it offers the assessment of the defendant’s asset, in as much as property can be used to post bail charges, the idea of digital currencies would not be a bad idea in this case. It is glaring that the accused has access to a considerable sum of virtual currency which enables him to potentially settle the bill for what seems to have been a cyber-theft however unsuccessful.
This case still remains the highest profile case of bail paid in digital currency. However, virtual currency has been used in time past to raise bail money.  The Bronx Freedom reportedly initiated this idea by allowing people to dedicate CPU power to crowd fund bail money for people who could not afford it by remotely mining and donating digital currency to the cause in order to prevent people by law are presumed innocent before the court rules otherwise, to be incarcerated while awaiting trial.
It appears that Martin Marsich’s case might remain the first incident of a person posting bail in digital currency without converting to fiat currency. Though the court would have to take note that the sum required for bail in BTC or Altcoins changes daily to accommodate potential price fluctuations. Perhaps in the future, the court might be a little more stringent by using the exchange rate as at when the judgment was given. However, the court still maintains its discretional authority.

Related posts
EthereumEthereum NewsETHUSDethusdtNewsVitalik Buterin

Ethereum Just Minted The World’s Youngest Crypto Billionaire

Ethereum (ETH) just minted its 13th billionaire and he’s the youngest on the list.  Russian-born, Vitaliik Buterin is the latest to be inducted into the prestigious triple comma club by Forbes. The 27-year-old programmer and co-founder of Ethereum who was…
CBDCcryptocurrencyCryptocurrency Newsdigital currencyNews

World Central Banks Deliberate On The Future of Money

Think about it this way: “It would be a mistake to think the internet won’t do to money the same thing it’s done to communications. When was the last time you wrote a letter, as opposed to sending a mail,…
Bitcoin NewsbtcusdBTCUSDCBTCUSDTcryptocurrencyCryptocurrency NewsEthereum NewsETHUSDethusdtNewsxbtusd

S&P Dow Jones Indices Takes Bitcoin and Ethereum to the Trading Floors of Wall Street

S&P Dow Jones Indices, the leading investment benchmark and indices provider, has launched “S&P Cryptocurrency Indices” with an ambitious goal of bringing transparency to the ever-evolving cryptocurrency market. These indices will measure the performance of certain cryptocurrencies that meet specific…