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It depends on how the criminal chose to "store" their Bitcoins, though. If he used an encrypted wallet and only memorized the password to decrypt the wallet, he is screwed. If he memorized the actual private seed of a wallet, he still has his Bitcoins, and the police doesn't have anything.

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Where should one store the 24 word key though? Are password managers a good option? Physically storing them on paper has its own problems.

You could try to memorize it. I don't have a good answer. Whole novels have been written about the hiding of secrets.

Password manager doesn't really help in principle, as you again need the password for the password manager.

One thing I am looking into is Shamir's Secret Sharing to split a secret into multiple parts. https://en.wikipedia.org/wiki/Shamir's_Secret_Sharing

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