South Korean Crypto Exchange Bitsonic CEO Faces Second Jail Term Over Fraud

Key Takeaways: Lancashire Police will reinvest £500,000 from a Bitcoin forfeiture tied to a 2017 fraud case. The force has applied a crypto wallet freezing order under the Proceeds of Crime Act for the first time. The victim was repaid in full, and surplus funds will be directed toward crime prevention through a national innovation fund. Lancashire Police will receive £500,000 to reinvest in crime prevention after securing a forfeiture order on Bitcoin linked to a 2017 fraud case, according to a statement published by the authority. The investigation began when officers received a report of stolen funds later traced to Bitcoin conversions by offenders from Blackpool, Fleetwood, and Blackburn. Those involved were prosecuted and sentenced, while the Bitcoin’s value increased beyond the original stolen amount. Police get £500,000 windfall from seized Bitcoin https://t.co/RvLS59rPbY — BBC Lancashire (@BBCLancashire) August 5, 2025 First Use of Crypto Wallet Freezing Powers In a first for the force, a crypto wallet freezing order was applied under the Proceeds of Crime Act, allowing the assets to be seized. The victim was fully compensated, and with the law prohibiting overpayment, a £1 million surplus remained. A judge approved its forfeiture, directing the proceeds to be split between the Home Office and Lancashire Police. Half of the funds, £500,000, will be allocated to the Prevention and Problem-Solving Innovation Fund within the coming months. Detective Sergeant David Wainwright of the Economic Crime Unit said, “This is a great result for the people of Lancashire, and hopefully the first of many future uses of this new legislation.” Funds to Support Local Safety Initiatives in the UK The fund prioritizes community projects, crime prevention programs, and law enforcement tools. Previous allocations have included drones for surveillance, spam-call-blocking devices, and initiatives approved by the Antisocial Behaviour Prevention team. Wainwright noted that while it was unusual for criminal property to appreciate beyond the original crime value, the outcome both compensated the victim and created resources to reduce future offenses. By reinvesting seized crypto assets , Lancashire Police seek to disrupt criminal financial gains while strengthening public safety efforts across the county. Cryptocurrency is increasingly being addressed in financial crime enforcement, not only in seizure but also in post-recovery management. Police departments are beginning to handle digital assets through legal and administrative processes similar to those used for physical property. In the UK , as discussions continue around a formal digital asset framework, cases involving crypto recovery may influence how local forces approach asset tracing, evidence handling, and redistribution of funds. Frequently Asked Questions (FAQs) How might this case affect future fraud investigations involving cryptocurrency? It could encourage wider use of wallet freezing orders and expand training for officers on tracing digital asset flows. What challenges do police face when valuing seized cryptocurrency? Volatility makes asset valuation complex. Authorities must often secure court approval quickly to manage the risk of large price swings. Could crypto forfeitures change how police forces budget for technology? Yes. Consistent inflows from such cases could allow forces to self‑fund advanced digital crime‑fighting tools without relying solely on central budgets.

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U.S. President Donald Trump said on Tuesday that it’s unlikely that he’ll run for a third term, despite the fact that he’d “like to,” per a new interview with CNBC Squawk Box. Donald Trump Talks Third Term Despite Constitutional Limits In an August 5 interview with the media program, the newly inaugurated U.S. president hinted at his desire to run for a constitutionally prohibited third term. “I’d like to run,” Trump said. “I have the best poll numbers I’ve ever had.” Touting his 2024 win and “the best poll numbers,” President Donald Trump told CNBC on Tuesday that “I’d like to run again." But asked by the "Squawk Box" hosts if he will attempt to seek a third term in 2028, Trump replied, “Probably not.” https://t.co/LyGqubR8Qy — WCNC Charlotte (@wcnc) August 5, 2025 Trump indicated in March that he could seek out an additional term in 2028, telling NBC News’ Kristin Welker that he has “methods” he can pursue. “You know, we’re very popular,” he told NBC at the time. “And you know, a lot of people would like me to do that.” Ratified on February 27, 1951, the 22nd Amendment strictly prohibits people from being elected to the office of the presidency more than twice. Should Trump choose to seek re-election at the end of his second term, he would be in direct violation of the Constitution. Polymarket Bettors Place 2028 Odds Polymarket bettors have already made their predictions for the 48th president come 2028—a new poll on the decentralized prediction market shows. According to the poll , 55% of Polymarket bettors predict that U.S. Vice President JD Vance will become the next U.S. president, while just 4% believe Trump will continue for a third term. Other potential candidates favored by Polymarket bettors include United States Secretary of State Marco Rubio, media personality Tucker Carlson, and Florida Governor Ron DeSantis. Trump, who largely campaigned on enacting crypto-friendly regulations , has faced scrutiny in recent weeks over his potential association with sex offender Jeffrey Epstein. Trump’s political opponents have also criticized his ventures in the blockchain space , particularly in regard to his namesake $TRUMP memecoin. However, whether Polymarket bettors are correct in their predictions remains to be seen.