British police becomes the pioneer to seize 295 Bitcoins[BTC] from criminal
An investigation procedure resulted in the confiscation of 295 Bitcoins [BTC] by the Surrey police on 19th July, 2018. The news has been originally reported by Financial Times that affirms the leading position of the British police to seize and transfer the confiscated Bitcoins [BTC]. According to a report by BCFocus, Bitcoin [BTC] is popular among the youth of UK which results in 21% Millenials preferring investment in this cryptocurrency to real estate.
The Financial Times reports that in October, 2017 the Surrey police seized the crypto coins following the arrest of Seregis Teresko. Teresko is convicted of money laundering and detained for a term of nine years. The police force made arrangement to sell the assets gaining an amount of $1.5 million. After this event, a hearing was held at the court. During those days, the valuation of Bitcoin [BTC] hovered around $5000, however, in just two months, the price was skyrocketed and hit $20,000.
As per the FT report, a local court informed the Surrey police on 19th July that it has the authority to confiscate Bitcoins [BTC]. 18.8% of the seized cryptocurrencies from Teresko can be kept by the police which amounts to nearly 273,000 pound. The amount would be directed towards operational budget.
Strategy of the British county police
The report sheds light on the strategy framed by the police to get hold of the private keys to the holdings of Bitcoin [BTC]. The private key belongs to the money launderer and this event was followed by setting up of digital wallet by the police. However, the police leveraged overseas based crypto exchanges for liquidating the digital assets.
The news of this particular incident aligns with the endeavour made by U.K. to expand its knowledge on cryptocurrency. The aim of this initiative is primarily focussed on improving the investigation of the crimes involving technology and assets. However, in 2017 a research office supported by law enforcement group of U.K. made a proposal to alter the laws of the nation to simplify Bitcoin [BTC] confiscation.
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