Bitcoin-scotland-gID_7.jpg@png” />
In summary
- Scottish prosecutors have seized and converted nearly $144,000 worth of Bitcoin from John Ross Rennie, who was convicted of Cryptocurrency-related theft.
- Rennie was found guilty of possession of stolen goods in a robbery where a man was threatened with a machete to transfer Bitcoin.
- Prosecutors used proceeds of crime legislation to seize 23.5 BTC from Rennie, then valued at £109,601.
Scottish prosecutors have seized and converted almost $144,000 (£110,000) worth of Bitcoin from the mastermind behind a house robbery in which a cryptocurrency holder was threatened with a machete.
John Ross Rennie was sentenced in October 2023 after being found guilty of “cryptocurrency-related reconciliation,” in connection with his indirect involvement in the theft.
The overnight robbery took place at the unidentified victim’s home in the town of Blantyre, near Glasgow, in March 2020.
Three men forced the unidentified man to transfer the Bitcoin to an account that police later discovered was controlled by Rennie, 29.
They also took a car and other valuable items and injured a woman after hitting her with a personalised Toblerone chocolate bar. The men also allegedly made a throat-cutting gesture with the chocolate bar towards the woman.
Although Rennie was not directly involved in the robbery, he was found guilty in November 2023 of an offence known as “reset” in UK law. This is the possession of stolen goods.
In a separate hearing that concluded on Monday at the High Court in Edinburgh, prosecutors used proceeds of crime legislation to convert and seize 23.5 BTC from Rennie as physical cash, with the Bitcoin valued at £109,601.
At the time of the theft in March 2020, the price of Bitcoin was between $5,032 and $9,135. The 23.5 BTC would be worth around $1.37 million (£1.04 million) at current prices.
Rennie’s defence argued he was coerced into getting involved by a “scary” and “violent” family member who was not someone “you said no to”, Sky News reported.
During his initial trial at the High Court in Glasgow, Rennie was found to have played a “key” role in the offence, as he provided the technical knowledge on how to facilitate the transfer of Bitcoin.
Rennie, who works as a delivery driver, was also found to have “diverted” $46,000 (£35,000) for himself.
Although Rennie was sentenced in 2023, Lady Ross, the judge presiding over the case, said she wanted to set a legal precedent for how cryptocurrency should be used in criminal cases.
Scotland has a distinct, but related, legal system to the rest of the UK. This means that decisions by Scottish judges may not be binding in comparable cases in England and Wales.
There have been several other cases of organized criminals carrying out home break-ins to steal cryptocurrency.
In June, a 24-year-old Florida man was convicted of leading a group that targeted cryptocurrency owners across the United States for nine months.
The group attempted to identify potential victims using unauthorized access to email accounts and physical surveillance before organizing the robberies.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
Disclaimer: Please note that the information provided on this page is for News purposes only and should not be considered investment or trading advice. ©Crypto.keynoteusa.com strongly recommends that you conduct independent research and/or consult with a qualified professional before making any investment decisions.
