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Scottish prosecutors have made legal history by using proceeds of crime legislation to convert crypto into physical cash.
Scottish prosecutors used proceeds of crime legislation to seize £109,601 from John Ross Rennie by converting stolen crypto into physical cash, according to the BBC.
This marks the first instance in Scotland where crypto has been confiscated under such laws.
The mastermind behind the crime
Rennie, 29, was found with 23.5 Bitcoin (BTC) after a violent robbery in Lanarkshire on March 18, 2020.
During the robbery, a man was forced to transfer the Bitcoin after waking up to an assailant wielding a machete, while a woman in the home was repeatedly struck with a Toblerone bar and threatened before the attackers fled.
One of the three men involved made a “throat-slitting gesture” with the bloodied chocolate bar during the robbery, according to the BBC.
Although Rennie was not directly involved in the assault, the court found that he provided the technical expertise necessary to transfer the Bitcoin, earning him the label of the “technical brains” behind the robbery.
Criminal proceedings
Prosecutors launched a proceeds of crime case earlier this year, but the settlement was initially proposed entirely in crypto. Judge Lady Ross continued the case, seeking legal authority on handling crypto under these laws.
On September 2, the High Court in Edinburgh ruled that the Bitcoin should be converted to cash, setting the sum at £109,601.
Rennie was previously sentenced to a community payback order with 150 hours of unpaid work and six months of supervision for his involvement. Lord Scott, the sentencing judge, noted that while Rennie was a first-time offender, his role in laundering the proceeds of the robbery was pivotal.
This case sets a legal precedent in Scotland, as it is the first time police have tracked and seized stolen crypto.