UK police arrest bitcoin, but sell at one of the coins lowest points.
Last April the Surrey Police arrested Seregjs Teresko for money laundering, possession and use of fraud-related items and the cultivation of cannabis. The arrested is now serving over 9 years in prison. The police also confiscated 295 bitcoins that were reportedly discovered on a digital key on lawbreakers premises in Cobham as well as gold bars, cash in various currencies and credit cards.
The Surrey Police created their very own crypto wallet in order to exchange and transfer the found bitcoin through an offshore exchange. Detective Inspector Matthew Durkin noted that: “But this case shows bitcoin is not completely anonymous. It is not above the capabilities of law enforcement.”
After selling the bitcoin, the Police force, by law, is allowed to keep 18.8% of the sum, which could have been as much as $800,000 if they had waited till January, when bitcoin hit an impressive $20,000 and not sold in October, when bitcoin cost around $4,800, meaning that the Surrey Police force added roughly $358, 500 to their budget. From this one can conclude that the UK police still need to learn the art of "hodl."
However, a spokesperson of the force claimed that it was impossible for them to speculate with the seized valuables and that all they were waiting for was the court’s thumbs up to act.
WHY IS THIS IMPORTANT?
- t's good to know that the police are aware of crypto-related crime and are on the lookout for it and the criminals who are involved in such scams and misconducts.
- It didn't take long for police to decide what to do with the money. Perhaps we will see them rolling new uniforms or Maserati's for that matter on the streets of Surrey soon.