British Police Seize 295 Bitcoins from Latvian Criminal Gang Member
UK Police Seize 295 Bitcoins From Latvian Criminal Seregis Teresko
A recent arrest in England was made by a local police force. It was the first in the country to search and seize a cryptocurrency exchange on the grounds of a criminal investigation.
The report released stated in the Financial Times yesterday, indicated that Surrey police force gathered 295 Bitcoins last October following the arrest of a Latvian man named Seregjs Teresko, who has since been convicted of laundering money and is now serving 9 years in prison.
The police force further sold the digital assets for about $1.5 Million after a court hearing was completed at the time. Back then the price was at about $5,000, but eventually jumped to a massive record high of $20,000 after only two months.
Another court set the ruling on Thursday that the police in Surrey can confiscate Bitcoins seized from Seregjs Teresko, says the FT. The police are also entitled to hold 18.8 percent of the earnings from them – roughly 273 thousand British pounds – to put towards their local budget.
The new budget also explained how, following the obtaining of the money launder’s bitcoin wallet key for their holdings, they then setup a personal wallet for the force and used it overseas on cryptocurrency exchanges to liquidate the assets.
The news was released as law enforcements agencies in the UK began a process of stepping up their assets in cryptocurrency, learning about the virtual currencies of the world, so they can better handle cyber crimes that include the technology, while at the same time more easily seize such assets.
Last year, a research officer supported by a group of U.K. law enforcement agencies suggested the laws of the country be changed to make it easier for police to search and seize Bitcoin holding. The N8 Policing Research Partnership stated at that time, they have the purpose to increase institutional learnings on cryptocurrency like Bitcoin and Ethereum within the ranks of British police forces through a nation wide training protocol.