Men’s Rights Activists: Use Bitcoin To Hide Money From Your Future Ex-WifeDecember 14, 2017 6:10 pm
Couples seeking a divorce are giving their lawyers nightmares with a unique way to hide their assets – converting their money into cryptocurrency during a divorce, The Daily Beast reports.
The report says most of bitcoin’s base – usually males – are more worried about losing newly valuable coins to their spouses than a market crash.
Men’s rights activists groups have actively encouraged men to pour their money into bitcoin to hide it during the proceedings, but lawyers are beginning to catch on and becoming wise to the attempts, the report said.
“I have a feeling it’s not going to be too long before I get one of these cases,” divorce attorney David Badanes said of dividing bitcoin in a divorce case. But inevitably, he said, a divorcing spouse is going to try hiding their money in bitcoin, to avoid paying alimony.
“Let’s say I was getting divorced, and I had some bitcoin,” he said. “Maybe no one would know about it except me. The way it’s structured, it’s very easy to conceal.”
Marital attorneys, the report said, have been warning of bitcoin-complicated divorces for years.
For instance, a 2015 survey by cryptocurrency site CoinDesk, the report said, revealed more than 90 percent of respondents owning bitcoin identified as male. The website Coin Dance uses Google Analytics to track the genders of people clicking on bitcoin content. This week, 96.57 percent of those users were male, according to the Google data.
Some other cryptocurrencies – like Ethereum – have attracted a devoted following of their own, while others work like legally dubious penny stocks, debuting daily. “It’s like playing whack-a-mole,” Badanes said of keeping track of the new cryptocurrencies and thus making it harder for divorcing spouses to maintain an accurate accounting of marital assets, the report said.
– WN.com, Jack Durschlag