UK Authorities Confiscate $144K Bitcoin Stolen in Shocking Machete Home Raid!

Key Points:

• Scottish authorities converted and seized nearly $144,000 worth of Bitcoin stolen from John Ross Rennie, linked to a violent robbery.
• Rennie was found guilty of possessing stolen goods and played a key role in the Bitcoin transfer, siphoning $46,000.

According to BBC, Scottish prosecutors have seized and converted about $144,000 (£110,000) worth of Bitcoin stolen belonging to John Ross Rennie, the “technical brains” behind a brazen cryptocurrency home invasion.

$144K Bitcoin Seized from Robbery Suspect

John Ross Rennie, 29, was convicted in October 2023 for his indirect involvement in the robbery, under UK law referred to as “reset”-the possession of Bitcoin stolen goods. During the robbery in Blantyre, near Glasgow, last March 2020, three men attacked an unnamed victim at his home violently. The attackers forced the victim at machete-point to make a Bitcoin transfer to an account that was later traced to Rennie.

Although Rennie had not been involved in the robbery of Bitcoin stolen, he was convicted of Bitcoin theft and thus sentenced in November 2023. In a separate hearing, Edinburgh High Court converted and seized 23.5 BTC from Rennie, at an estimated value of £109,601. For comparison, this much Bitcoin would be worth about $1.37 million (£1.04 million) at today’s prices.

Read more: WazirX Hacker Address Moves $6.5M Stolen Crypto To Tornado

Case Sets New Legal Precedent for Crypto

The defence for Rennie said he had been forced by a “scary” and “violent” member of his family, a person from whom he could not say no. During the trial, prosecutors revealed that Rennie, a delivery driver, had provided technical knowledge regarding how the Bitcoin transfer was facilitated. Furthermore, he had siphoned off $46,000 (£35,000) for himself.

The judge, Lady Ross, wants to set a legal precedent for how cryptocurrency should be treated in criminal cases. However, Scottish legal decisions do not necessarily set any binding precedent for similar cases in England and Wales. Her ruling has underlined the growing use of cryptocurrency by organized criminals who have become increasingly violent in targeting the owners of such assets.