During the criminal investigation into the criminal group engaged in narcotics trafficking and money laundering, British police of Surrey confiscated and then sold 295 bitcoins.
Bitcoins were seized in October last year as a result of a round-up on the house in Cobham, where 31-year-old Latvian citizen Sergei Teresko lived. Cryptocurrency was found on KeepKey hardware purse.
After the court held the police sold the seized bitcoins and got a private key from the purse. Law enforcers transferred crypto to the purse created for their own needs and sold it on one of the foreign stock exchange. As a result, the police received 1,246,279.33.
The Surrey court confirmed that the police had the right to sell the bitcoins. Besides, the police can retain 18.8% of the proceeds from the sale of funds for their own operating expenses.
According to Surrey police, it is the first case of seizure and sale of bitcoins in the UK.