Scottish prosecutors recently seized nearly $144,000 (£110,000) in Bitcoin from John Ross Rennie. He was identified as the "technical brains" behind a home invasion where a cryptocurrency holder faced threats with a machete.
Rennie was convicted in October 2023 for his indirect role in the robbery, which took place in March 2020 in Blantyre, near Glasgow.
During the incident, three men forced the victim to transfer Bitcoin to an account controlled by Rennie, who is 29 years old. They also stole a car and other valuables, and they assaulted a woman using a personalized Toblerone chocolate bar. Reports indicate they even made a throat-slitting gesture towards her with the chocolate.
Although Rennie didn’t directly participate in the robbery, he was found guilty of “reset” in November 2023. This term refers to possession of stolen goods under UK law. In a separate hearing at the Edinburgh High Court, prosecutors used proceeds of crime legislation to convert and seize 23.5 BTC from Rennie, valued at £109,601.
At the time of the theft, Bitcoin prices fluctuated between $5,032 and $9,135. Today, 23.5 BTC is worth around $1.37 million (£1.04 million). Rennie’s defense argued he was coerced into this situation by a “scary” family member, someone he felt he couldn’t say no to, according to Sky News.
During his trial in Glasgow, it became clear that Rennie played a key role in the crime. He provided the technical know-how to facilitate the Bitcoin transfer. It was also revealed that he siphoned off $46,000 (£35,000) for himself.
After sentencing, Lady Ross, the presiding judge, expressed her desire to set a legal precedent regarding how cryptocurrency is treated in proceeds of crime cases. Scotland has a distinct legal system, meaning decisions made by Scottish judges may not apply in England and Wales.
Home invasions targeting cryptocurrency owners have become more common. In June, a 24-year-old man from Florida was convicted for leading a group that targeted cryptocurrency holders across the U.S. for nine months. They identified potential victims through unauthorized access to email accounts and physical surveillance before orchestrating break-ins.
In related news, detained Binance executive Tigran Gambaryan protested his treatment by Nigerian authorities in a recent video. He expressed his distress, claiming he was mistreated. In South Korea, authorities have launched an investigation into Telegram for its potential role in the spread of deepfake pornography. This comes shortly after the arrest of its founder, Pavel Durov. Meanwhile, in Ukraine, police arrested a group that allegedly extorted $250,000 in Tether (USDT) from a young entrepreneur by posing as law enforcement and threatening him with fabricated charges. The suspects now face up to 12 years in prison.