FAQ

With a signed Memorandum of Agreement (MoA), Crypto Escrow can walk you through the steps needed to safely move seized funds to an escrow account until resolution. We can also initiate the transfers if the recovery seed, private key, or hardware wallet and passcode are made available to us. Given the urgency of securing funds away from a potential accomplice, we will make every effort to help you complete the transfer quickly. 

This is one of the key things we try to convey: the suspect may have an accomplice with access to the wallet, regardless of LEA being in possession of the physical cold storage wallet, mobile wallet, paper wallet, private key, or seed words. It is important to move those funds as quickly as possible to avoid the funds being taken by an accomplice or the suspect themselves if they are released. 

There are no recurring membership fees, setup or signup fees, or equipment fees. However, any seized cryptocurrency that is finally converted to US dollars has a five (5) percent fee charged against it before dispersal. This conversion happens after the case is closed and our partner LEA authorized dispersal. Given the slow nature of the legal process, there is also a $100/year storage fee for each wallet held for your agency. This fee is prorated. 

You can check and confirm the balance 24/7. You can view the record of the transfer into the escrow holding account and see the balance through any blockchain explorer, although we recommend blockchair.com for its simplicity and transaction history/receipt printing capability. Visit blockchair.com and enter the wallet address provided by the CE advisor.

A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet. Criminal sometimes use cryptocurrencies to store or launder illicit proceeds of specified unlawful activities, or as a method of payment on darknet markets. 

With a cold wallet, also originally known as cold storage, the digital wallet is stored on a platform not connected to the internet, thereby protecting the wallet from unauthorized access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to. 

A seed phrase, or recovery phrase, is a series of words that grants access to your cryptocurrency wallet. Seed phrases work like a master password, so you can recover your crypto assets even if you lose your password, phone or hardware device. These typically consist of 12 to 24 words where the order matters for recovery.

A private key is like a password — a string of letters and numbers — that allows you to access and manage your crypto funds. Anyone with access to the private key of a wallet can have access to the funds stored in that wallet. These can also be in the form of a QR code, in the case of paper wallets. 

Our LEA partners will need to provide the suspect's seed phrase, private key, or pin/password (in the case of a hardware wallet). With this information, Crypto Escrow can move the funds to a secure cold storage wallet pending the resolution of the case and the order to disperse funds. Funds will be stored in their current form of cryptocurrency until resolution, where they will be converted to fiat USD before being released to the agency designated account. 

There is no limit to how much cryptocurrency can be stored on a single wallet.