British police combine efforts with Komainu to safeguard confiscated crypto-assets

British police combine efforts with Komainu

January 26, 2021

Reading Time: 2 minutes

A custody company created by Nomura, Coinshares, and Ledger has been awarded a contract to keep custody of crypto seized by the British police.

The Derbyshire Constabulary works on behalf of the National Police Chief’s Council Cybercrime Programme in its tasks. It is now working with Komainu, the custodial firm that received authorization in November 2019 from Jersey controllers.

Koimanu to be the keeper

Koimanu is set to store seized crypto assets while investigations are underway on suspected crimes and criminals. The first crypto confiscation done by the police in the UK happened in July 2018. They seized more than $31.2 million in BTC from a top organized crime gang member.

At the forefront of the Cybercrime Programme’s operations is Phil Ariss. The firm aims at educating the population on cryptos and how criminals embedded in the police unit can use them. The firm has made significant improvements in the police operations using arms like Komainu.

Cybercrime Programme has trained specialists in crypto investigations in the recent few years. They equip the trainees with the necessary skills and tools to confiscate crypto acquired in a questionable means. Phil Ariss personally had a hand in the confiscation of at least $3.3 million in June 2020 from a Leicestershire drug peddler.

Due to the increment in such confiscation cases, demand for a secure safekeeping of confiscated crypto increased.

Aris was quoted by The Block saying that there is a substantial percentage of cybercrimes in the UK involving virtual assets and cryptocurrencies. He further explained that showing by how they need tailored solutions means there is a significant amount involved. He added, saying various storage options have been used up to now, but security has been of concern leading to this formation.

Coinshare and Gentium backed up Koimanu’s bid to procure the contract. The chief executive at Coinshare and director at Komainu, Jean-Marie Mognetti, told The Block that Coinshare comes in to convert confiscated crypto to fiat money if the prosecution is successful.

Komainu playing a bigger role

Mognetti encourages that firm can perform the task effectively even though Komainu was not made for. He said that by creating an institutional product, national and supranational organs think you are ticking the box for them too.

The partnership is thought to be the UK authorities trying to up their tactics in dealing with crypto crimes.

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