Scottish Prosecutors Recover 23.5 bitcoin From 2020 Robbery Case
In a groundbreaking move, Scottish prosecutors have successfully seized and converted 23.5 bitcoin, valued at approximately $144,017 (109,601 British pounds), from a robbery that occurred near Glasgow in 2020.
This significant development marks the first instance in Scotland where stolen cryptocurrency has been traced and recovered under proceeds of crime legislation, as reported by BBC news on September 2.
The robbery took place in the town of Blantyre and involved three individuals who forcefully entered a residence armed with a machete and an uncommon weapon—a personalized Toblerone chocolate bar.
Victim Transferred bitcoin At Knifepoint
During the incident, the attackers targeted a male victim and forced him at knifepoint to transfer bitcoin from his digital wallet. Additionally, one of the assailants assaulted a woman on the property using the Toblerone bar before making a threatening gesture and fleeing.
The stolen cryptocurrency was ultimately traced back to John Ross Rennie, who was convicted in November for possessing the bitcoin. Rennie was identified as the mastermind behind the operation, responsible for facilitating the transfer of the stolen funds.
Despite Rennie's claims of being coerced by a relative into depositing the bitcoin into an exchange account, the Edinburgh High Court found his involvement crucial to the criminal activity. Consequently, Rennie was sentenced to 150 hours of unpaid work and placed under a six-month supervision order.
Detective Inspector Craig Potter from Police Scotland’s Cyber Investigations unit emphasized that this case represented the first robbery in Scotland involving the tracing of stolen cryptocurrency. The successful conversion of the seized bitcoin into cash, approved by the court on September 3, highlights the increasing emphasis on digital asset recovery in contemporary law enforcement.
crypto Projects Hit by $310M in Scams During August
August witnessed a surge in crypto-related scams, resulting in a staggering $310 million in losses to various exploits, marking it as the second-highest monthly total this year.
Of the total amount lost, $10.3 million of stolen assets were eventually recovered or returned, leading to a net loss of $300.6 million. Phishing incidents constituted the most significant damage, contributing to losses of approximately $293 million.
Two major phishing attacks led to the theft of $238 million in bitcoin and $55 million in DAI stablecoin. Alongside phishing, other substantial losses were incurred from attacks on various crypto projects.
For instance, the Ronin Network, an ethereum Virtual Machine (EVM)-based sidechain, fell victim to a white hat hacker on August 6, resulting in the theft of 4,000 ETH valued at $9.85 million at the time. Despite the persistent threat of flash loan attacks, losses in August were relatively lower at $1.2 million compared to previous months.
While phishing and other forms of exploitation saw a rise, exit scams experienced a significant decline, with losses decreasing to $800,000 in August from around $3 million in July. Furthermore, a recent report by Chainalysis revealed a decrease in overall illicit cryptocurrency transactions in 2024, despite specific criminal activities within the sector witnessing a surge.
