US Authorities Raid Tech Hub Geek Group For Unauthorized Bitcoin Trading

News | January 7, 2019 By:

US federal agencies have reportedly raided the office of the Geek Group last month for “unauthorized trading of bitcoin.”

Based in Michigan, the Geek Group is a non-profit that wants to turn old gadgets into affordable computers for lower income kids and families. The group closed on December 31, 2018, ten days after the US Department of Homeland Security, the Internal Revenue Service (IRS) and other agencies executed a search warrant.

In a live public statement on YouTube on January 5, Chris Boden, the founder of the Geek Group, said that computers, hard drives and other equipment was removed from the office on December 21 because he was commercially trading in bitcoin without the proper authorization. He added that he may now face federal prison and legal expenses that he believes may go up to $100,000.

“We have to completely liquidate all of our assets to close down the nonprofit,” Boden said in a written statement on Facebook. “There will be nothing left. The proceeds will go towards paying off our gigantic mountain of debt. The sale will end on Jan 31, 2019, because we simply cannot operate the building beyond that, it’s too expensive. Items left after the sale will be donated to other worthy nonprofit organizations. Anything they don’t want, gets scrapped. This is the end of the line.”