News

Failed Bitcoin Loan Must Be Paid Ruled Judge

Bitcoin is a digital currency, this means that we can get into some problems that paper currency can’t. The other problem with digital currency is that its price is extremely volatile, being able to skyrocket one day and then plummet the next.

A man in Breathitt County, Kentucky has found this problem after being ordered by a judge to repay a loan of bitcoins that he received in December 2013 (including interest). With the initial loan of 11.95 bitcoins the cost to repay would now come in at $67,800 (£42,680 approximately), the price to repay is quite a large one. At the time of the loan, the bitcoins came in at around $10,000, with the promise of a 20% return within a year to his lender, a man from Brazil.

The initial plan was to buy Bitcoin miners unfortunately that didn’t work out. After failing to repay the loan within 90 days of the initial deadline, legal action was taken and was awarded a total of 67.74 bitcoins.

This didn’t get paid and resulted in a US lawyer based in Kentucky who then filed a lawsuit in March 2015.  While legally being ordered to repay the bitcoins, there is very little that can be done given the digital currency and laws in Kentucky that protect homeowners with deceased spouses who owe money.

While digital currency can help solve some problems paper currency has, without borders and proper legal oversight problems like this will come around more and more in the future.

Thank you Ars Technica for the information.

Image courtesy of CanBike.

Gareth Andrews

Disqus Comments Loading...

Recent Posts

Plaion Launches Retro ZX Spectrum Computer

Plaion, a leading video game publisher, and Retro Games Ltd., a specialist in reimagined classic…

1 day ago

NVIDIA Warns of GeForce RTX 40 Graphics Card Shortages in November and December

During the latest earnings call, NVIDIA CFO Colette Kress warned of a potential GPU supply…

1 day ago

GeForce RTX 5090, RTX 5080, RTX 5070 Ti, and RTX 5070 Reportedly Coming in Q1 2025

Chinese sources say the GeForce RTX 5090, RTX 5080, RTX 5070 Ti, and RTX 5070…

1 day ago

GTA 6 Already Winning Awards Before Its Launch

GTA 6 doesn’t have an official release date yet, but it has already earned a…

2 days ago

DJI Osmo Mobile 6, 3-Axis Phone Gimbal

Stay on Point with ActiveTrack 6.0 - With upgraded tracking tech, OM 6 sticks to…

2 days ago

Drayton Wiser Smart Radiator Thermostat TRV

Pack includes three Wiser Radiator Thermostats. These smart radiator thermostats are only designed to work…

2 days ago