Surrey police make first confiscation and exchange of cryptocurrency in UK

Posted 20 July, 2018

During the proceeding against the criminal group dealing with drug trading and money laundering, the police in the Surrey county confiscated 295 BTC with further coin exchange.

According to the reports, the digital currency was seized last October at the lean on the living residence of 31-year old Seregjs Teresko from Latvia. The criminal was arrested. The coins were said to be kept at hardware wallet KeepKey.

Once the trial was held, the police got the private key to the wallet and exchanged the coins via its own wallet at an overseas platform, generating some $1.5 million (about GBP 1.3 million).

Last Thursday, the county court determined that the police was authorised both confiscate and exchange cryptos. Notably, the police can 18.8% of the received funds use for the own operational expenses.

For reference, the price for bitcoin was some $5,000 at the time of the arrest.

As commented the police agency in Surrey, this is the first case of confiscation and exchange of Bitcoin in the UK. As for Seregjs Teresko, he will spend 9 years and 3 months in jail.

It is worth mentioning, that the research office in cooperation with the UK law enforcement forces set up N8 Policing Research Partnership for boosting the knowledge about the cryptos among the UK police by means of the training courses. 

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23 July, 2018 12:01

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South Korean regulator to create cryptocurrency unit

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