Police Force Confiscates 295 Bitcoins from Criminal
A British county police force has become the first in the country to seize and exchange bitcoins discovered during a criminal investigation. According to a report from the Financial Times yesterday, the Surrey police force obtained 295 bitcoins last October after arresting a Latvian man called Seregjs Teresko, who has since been convicted for money laundering and sentenced to nine years in prison. The force further sold the assets for around $1.5 million following a court hearing at the time. Back then, the price of a bitcoin was around $5,000, but shot up to its all-time high of around $20,000 just two months later. A local court ruled on Thursday that the Surrey police force is entitled to confiscate the bitcoins seized from Teresko, the FT says. The force is further allowed to keep 18.8 percent of the proceeds – approximately £273,000 – that will go towards its operational budget.