UK Police Force Gets $665K Bitcoin Windfall From Seizures
Main Idea
A UK police force received a $665,000 windfall from seized Bitcoin, which appreciated in value, and will allocate the funds to crime-fighting initiatives.
Key Points
1. Lancashire Police seized Bitcoin from thieves in December 2017, which later rose substantially in value.
2. The victim was compensated in full, but British law prevented overpayment, leaving a £1m surplus.
3. Half of the surplus will go to the UK Treasury, and the other half will fund crime prevention initiatives.
4. The funds aim to disrupt the cycle of crime and support community projects.
5. Detective Sergeant David Wainwright emphasized the importance of reinvesting seized assets to reduce crime.
Description
Lancashire Police seized stolen funds that criminals had converted to Bitcoin—but British law prevents victims from being overpaid.
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