Scottish law enforcement has successfully converted 23.5 Bitcoin into cash, following a robbery in March 2020.
In this unusual case, three men armed with a machete and a Toblerone bar broke into a home near Glasgow, marking Scotland’s first instance of stolen cryptocurrency being traced and seized.
Detective Inspector Craig Potter from Police Scotland’s Cyber Investigations unit noted this case as groundbreaking for Scotland.
The Bitcoin, which was converted into approximately $144,000 (or £109,600), had a value significantly lower at the time of the theft, around $5,400 per Bitcoin.
The incident took place in Blantyre, where the attackers used the Toblerone bar in their assault and forced the victim to transfer Bitcoin.
Following the seizure, John Ross Rennie, convicted for possessing the stolen Bitcoin, was identified as a key figure in the crime. Although Rennie claimed coercion, the court deemed his role critical and sentenced him to community service and supervision.
BingX, a cryptocurrency exchange, has alerted users to a possible security breach involving its hot wallet, leading to the activation of emergency protocols.
In the next five years, government prosecutors and tax agencies are expected to utilize artificial intelligence to analyze blockchain data for crime detection, according to Chainalysis CEO Michael Gronager.
Germany has shut down 47 cryptocurrency exchanges, accusing them of enabling cybercriminals to launder money by ignoring anti-money laundering regulations.
In the wake of the $230 million hack at Indian crypto exchange WazirX, the attackers have moved another $12 million worth of Ethereum.