Komainu to store crypto confiscated by UK law enforcement

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Komainu, digital asset custodian, is working with UK authorities to store crypto that has been seized as part of a criminal investigation.

Komainu is a custodian of Japan-based global investment bank Nomura, digital asset manager CoinShares and hardware wallet maker Ledger. The company announced that, following a commercial tender with Derbyshire Constabulary in the East Midlands, it has entered into an agreement to “keep digital assets seized during the investigation process safe” for police forces in England, Wales, Northern Ireland and Scotland.

The announcement stated that Coinshares as well as Gentium, a law enforcement agency specializing in financial crime and cybercrime in the UK, are supporting this support.

“Specialized cyber crime units at local, regional and national level regularly seize cryptocurrencies as part of their investigations and urgently need access to a secure storage solution from a regulated provider,” said Angela McLaren, deputy police commissioner for the City of London.

“[Komainu] will provide teams with the right technology and security they need to store cryptocurrencies and other digital assets as part of their research. “

McLaren added that the agreement between the digital asset custodian and law enforcement agencies represents progress in “denying crime and the proceeds of crime” and would reduce the financial burden on authorities to find a solution to storing the funds.

The number of authorities seizing digital assets related to illegal activities has increased worldwide. In December, Chinese police seized $ 4.2 billion worth of crypto assets from seven people convicted in the PlusToken Ponzi case. In the United States, the Department of Justice seized 69,370 bitcoin from an unnamed person allegedly linked to the hack of the darknet marketplace Silk Road and reportedly plans to auction the coins.