Seized Bitcoin Nets UK Cops $665,000 After 2017 Theft Case Wraps Up
Main Idea
Lancashire police will receive $665,000 from Bitcoin seized in a 2017 theft case after the cryptocurrency's value rose, with the funds allocated to crime reduction projects.
Key Points
1. Lancashire police seized Bitcoin in a 2017 theft case and will receive $665,000 after its value increased.
2. The Bitcoin was sold, and the victim was reimbursed, leaving a surplus of roughly $1.3 million.
3. Half of the surplus (£500,000) goes to the police, and the other half to the UK government for crime reduction projects.
4. Past uses of such funds include purchasing drones, anti-spam call technology, and supporting local crime prevention efforts.
5. Detective Sergeant David Wainwright highlighted the potential future uses of this legislation.
Description
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 .
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