Crypto Assets Seized by the Public Prosecutor's Office II of the Canton of Zurich
A criminal examination into money laundering is being pursued by the Canton of Zurich's Public Prosecutor's Office II. The prosecutor's office confiscated numerous crypto assets in the defendant's account at an organization in 2019 as part of this investigation.
In November 2021, the Public Prosecutor's Office II of the Canton of Zurich issued the order to transfer the crypto assets of the corporation in dispute into a report dealing with a virtual currency trading firm. The directions were also to convert the cryptocurrency assets into Swiss francs and deliver them to the prosecutor's office. The party concerned made a grievance at the Higher Court of the Canton of Zurich, but it was dismissed.
The law establishes that objects and valuables can be taken as a preventative step in criminal cases. Therefore, the individual involved in the legal dispute alleges that the intended rapid and entire liquidation of crypto assets would result in a loss of value. Since the claimant has significantly larger shares, an instant and complete sale would effectively destroy these assets.
The public prosecutor’s office must work to ensure that a loss is avoided as much as feasible. This matter was also left unmentioned by the Supreme Court.
The Canton of Zurich's public prosecutor's office must take steps to obtain the best possible outcome in the early return of seized crypto assets. If the authority lacks the essential experience, it must outsource it to experts in the matter.