On January 8, Bloomberg reported that Frank Richard Ahlgren III, the first Bitcoin investor in the United States to be convicted of tax crimes related to crypto asset transactions, has been sentenced to two years in prison and was required to hand over the keys to access his cryptocurrency assets.

Court documents show that Ahlgren is accused of hiding at least 1,287 bitcoins, currently worth more than $124 million, through a mixing service. He previously pleaded guilty to underreporting capital gains taxes on $3.7 million in Bitcoin transactions and was required to pay the U.S. government $1 million in tax loss compensation.

Robert Pitman, a federal court judge in Austin, Texas, ordered Ahlgren to hand over the keys and devices that store these crypto assets and disclose all cryptocurrency accounts. He is prohibited from transferring, selling or depleting any property without court approval, but can use it for normal living expenses. Ahlgren’s lawyer Dennis Kainen said his client would comply with the court’s order.

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