In a groundbreaking move, Scottish prosecutors have successfully converted 23.5 Bitcoin seized from a 2020 robbery into cash, marking a first for the country. The unusual case involved three men, armed with a machete and a Toblerone chocolate bar, breaking into a home near Glasgow and stealing the cryptocurrency.
The robbery, which took place in March 2020, was initially heard last year and was the first in Scotland to involve tracing stolen cryptocurrency. The victim, who cannot be named for legal reasons, testified that he was awoken to find a man standing over him with a machete and was forced to transfer the Bitcoin.
The Bitcoin, worth around $57,957 at the time of the robbery, has since risen in value to over $144,000. However, prosecutors used proceeds of crime legislation to seize and convert the cryptocurrency into cash, in line with its value at the time of the theft.
John Ross Rennie, who was convicted of possessing the stolen Bitcoin, was found to be the “technical brains” behind the raid. Rennie denied any involvement in the crime, claiming that a “scary” relative forced him to deposit the Bitcoin in an exchange account. However, the court found his role in giving instructions on how to transfer the Bitcoin to be “pivotal” in the theft.
The case has sent a strong message to criminals that they will be held accountable for their actions, even in the digital age. “It has been an unusual case throughout,” said Rennie’s lawyer Marco Guarino.
The successful conversion of the stolen Bitcoin into cash is a significant milestone for Scotland’s law enforcement agencies and demonstrates their ability to adapt to the rapidly evolving world of cryptocurrency. As the use of cryptocurrency continues to grow, this case serves as a reminder that authorities are committed to tracing and recovering stolen digital assets.
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Source: Cointelegraph
