UK Police Top up Budget With Proceeds From Sale of Seized BTC

[sirty143]

A UK police department has sold 295 BTC which they say were legally seized from a drug dealer. The court ordered him to forfeit his crypto stored in a hardware wallet. The police reportedly get to keep 18.8% of the sale proceeds.

"Surrey Police has now become the first UK force to successfully seize bitcoin, convert it into sterling and be granted permission by a court to keep the cash for government and police coffers."

Using “powers under the Proceeds of Crime Act,” Surrey Police seized Teresko’s coins, the CPS revealed.

Citing BTC’s “extreme volatility and the risk of it being moved on or stolen,” the cops applied to the court to seize the coins and convert them into sterling, Surrey Live described. They convinced the judge that “bitcoin was a real thing that could be seized,” the news outlet wrote.

The CPS explained that it “applied to have the restrained bitcoins converted into pounds. The 295 bitcoins were then sold by Surrey Police through an approved bitcoin exchange.”

According to the Financial Times, the police “set up its own bitcoin wallet and then used an offshore exchange to transfer and convert” the seized BTC. The proceeds were then “transferred to a police bank account,” the publication added:

"Surrey Police gets to keep 18.8 percent of the proceeds of Teresko’s crimes — about £273,000 — which the force can use to top up its operating budget."

Do you think what the Government (the Police) did here is proper?  One commenter says, "Government can make illegal cash to legal but we can't do any illegal business. Just the rules... If the government does, its fair and justice, if any other does the same, they are criminals."

You may want to read the full story here, https://news.bitcoin.com/uk-police-seized-btc/

[CryptoZenWorld]

Yes, this might be unfair mate..but this is what our govt use to do converting black money to white money. And this is the only way..also we should keep trust on our govt for the welfare of our country.

[sirty143]

I'm sorry mate, but I do not find any logic there ... it seems to indicate that wrongdoing is permitted. I do not think it's possible to correct a mistake by making another mistake.

[CryptoZenWorld]

I'm sorry mate, but I do not find any logic there ... it seems to indicate that wrongdoing is permitted. I do not think it's possible to correct a mistake by making another mistake.

See mate those BTC was belongs to Drug dealer..What he would do with those BTC?
May be he could expand his business more..was it legal or good practise? No it is bad for humanity

Now those BTC are belong to Govt. What a govt could do with that?
He may use it for the welfare of people or country. And he has no right to use it personally.

That's why i am said it is the only way to convert black money to white money.

[sirty143]

I'm sorry mate, but I do not find any logic there ... it seems to indicate that wrongdoing is permitted. I do not think it's possible to correct a mistake by making another mistake.

See mate those BTC was belongs to Drug dealer..What he would do with those BTC?
May be he could expand his business more..was it legal or good practise? No it is bad for humanity

Now those BTC are belong to Govt. What a govt could do with that?
He may use it for the welfare of people or country. And he has no right to use it personally.

That's why i am said it is the only way to convert black money to white money.

That's my point... the UK government is spending the drug money they have confiscated. Well, there are 31 comments and/or reactions against the ruling of the court.