Chandler won’t be keeping his bitcoin, reconsideration denied
Scott Chandler has no choice but to turn over his bitcoin, following denial of a Motion for Consideration.
Chandler had filed the motion in response to an injunction ordering him to surrender held bitcoin to the FTC.
In his motion, Chandler argued new evidence showing some of his bitcoin was obtained through “legitimate cryptocurrency trading” warranted reconsideration.
In an October 23rd order, the court disagreed and found
the issues raised by Chandler within the Motions were already raised in Chandler’s Objections and considered by the Court.
Chandler therefore fails to present any new evidence worthy of the Court’s reconsideration.
Fed up with Chandler’s stalling, the FTC also filed a show cause for contempt hearing motion on October 6th.
The regulator alleged that by not handing over his bitcoin, Chandler was in violation of the preliminary injunction previously granted against him.
By order issued on October 23rd, the FTC’s show cause motion has been referred to a Magistrate Judge for a report and recommendation.
As I understand it the denial of Chandler’s reconsideration motion will mean he has no choice but to hand over his bitcoin, or risk potentially heavy contempt penalties.
No ruling yet on the stipulated order regarding Thomas Dluca’s deleted emails. Stay tuned…