Lancashire police are set to receive around $665,000 after selling Bitcoin that was taken during a theft case from several years ago, according to an August 4 report.
The case began in December 2017, when officers looked into reports of stolen money.
The investigation showed that the stolen funds had been turned into Bitcoin
$113,415.23
, just as the cryptocurrency was reaching $20,000 for the first time.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
10 Biggest Crypto Scams & How to Avoid Them (ANIMATED)
By the time the authorities froze the wallets holding the Bitcoin, its value had gone up sharply. This increase made it possible for the victim to be fully repaid. However, under UK law, compensation cannot be more than the original amount lost.
After the Bitcoin was sold and the victim reimbursed, about £1 million (roughly $1.3 million) remained. The police force will receive half of this surplus, £500,000, while the other half will go to the UK government.
This extra money will be added to a fund used for projects that aim to reduce crime. Past uses of the fund have included buying drones, paying for technology that blocks spam calls, and supporting local efforts to deal with antisocial behavior.
Detective Sergeant David Wainwright from Lancashire’s Economic Crime Unit said:
This is a great result for the people of Lancashire, and hopefully the first of many future uses of this new legislation.
Meanwhile, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a warning about the growing use of crypto kiosks in scams. What did it say? Read the full story.
