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Leicestershire Police seize Bitcoins – or so they say.

I would like to congratulate the Leicestershire Mercury for their terribly inaccurate and possibly flawed report.

Apparently, Leicestershire Police force’s economic crime unit has seized 26 bitcoins and £1 million in other financial assets who remains under investigation for money laundering.

The police have a campaign called “Too Much Bling?, Give us a Ring” and encourages the public to provide information about people who lead lavish lifestyles without apparently doing any work. (I’m sure there are many politicians being reported!).

Now, what’s their problem? The problem is that the Bitcoin transactions cannot be traced. So they will end up promptly giving them back to the person involved unless the person involved confesses to some kind of crime involving theme. Even then, how did they ACTUALLY seize the Bitcoin – they can’t take the account so they must have hold of some hardware wallet, even then, without any kind of passwords they will not be getting in. In my view, I can’t quite see how the police even know how much Bitcoin they have, if any.

The currency, which is prone to fluctuations in value, lost 10 per cent of its value within 24 hours of Leicestershire Police seizing it. However, it later rose to its former high of approximately £300,000.

Claims the article. You honestly think a seizure of a small amount of Bitcoin would cause that kind of fluctuation? Not a hope. That is hardly any money in the sense of the amount of Bitcoin stored, no one would care. Bitcoin is nowhere near £300,000 unless I missed something.

Apparently according to the article…

Leicestershire Police has made compensation payments of more than £00,000 to victims in the past few years.

Poor victims. So they’ve been selling all this stuff on eBay and not actually paying any of the victims?

Here at UK Bitcoinblog we support our wonderful police and would like to be of any assistance we can. But I think they will have trouble tracing the source of any Bitcoin unless they know who the sender is.

So I’m finishing with a shout out to our great boys in Blue.

Leicestershire Police Website

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