TL;DR Breakdown:
- Komainu has been appointed to provide custody service for cryptos seized by UK police.
- The development will help the police to properly handle cases involving crypto.
The UK law enforcement authority has entered a new agreement with an institutional-grade crypto-assets custodian, Komainu, to store digital currencies confiscated during the course of investigations. As part of the agreement, the digital asset manager will provide a secure storage facility for all the enforcement agencies in the country. The liquidation of seized assets will be sourced through CoinShare, one of the leading cryptocurrency managers in the country.
Komainu awarded contract to store cryptos for UK police
According to the announcement, the agreement was signed between Komainu and Derbyshire Constabulary, on behalf of the National Police Chiefs’ Council Cybercrime Programme. Going forward, the law enforcement agencies operating within the country will be able to access Komainu institutional-grade custody service to manage the digital currencies seized during investigations. The agreement was reached with CoinShare, and Gentium, a law enforcement consultancy service based in the UK, in support.
The UK police noted that the development today will enable them to handle criminal cases that involve digital currencies properly. “The framework agreement also reduces the duplication and costs associated with different forces all running separate tender processes to find their own solution”, the police said. “This is a significant step forward in supporting specialist cybercrime teams in pursuing and prosecuting offenders and denying criminality the proceeds of crime”.
With operating guidance from Gentium, Komainu will source for the liquidation of the assets through CoinShare, according to Komainu co-founder, Jean-Marie Mognetti.
UK auctions seized Bitcoin
In September, the UK authorities announced the auctioning of seized cryptocurrencies worth over $600,000 on Wilson Auctions. As Cryptopolitan reported, the cryptos include Bitcoin (BTC), Ether (ETH), and Ripple (XRP). They were reportedly seized during investigations that involved British hackers. The UK authorities made the first-ever sale of seized cryptocurrencies in 2019, where about 1,312 Bitcoin, 1,399 Bitcoin Cash, and other cryptos were placed for auction.
