A husband hid $500,000 in bitcoin during a divorce — and got busted by a crypto hunter
Summary
CNBC spoke with divorce attorneys from Florida, New York, Texas and California, blockchain forensic investigators, financial advisors, as well as spouses who were either hunting down virtual coins or the crypto holders themselves. DiMichael, who said he has tracked down millions of dollars worth of cryptocurrency since he began tracing digital assets in 2018, explained that when crypto is stored cold, it may be more difficult to seize but it is still traceable. DiMichael agrees, telling CNBC it was "inevitable" that these kinds of obfuscation techniques would crop up given the amount of money in the crypto ecosystem now, even in the midst of a down market. "With volatile investments, the right strategy for a spouse trying to build a stable asset base will be to seek a cash buyout at market value on crypto holdings," said Mussallem, adding that it is a question of managing risk. Certified financial planner and analyst Davon Barrett told CNBC that with a traditional asset class, he can just give a divorce agreement to Fidelity, for example, and the company will take care of the split on its own.
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