Browse By

UK Police break their own record after seizing $250 million in cryptocurrencies

UK police forces have set a new record after seizing a staggering $250 million in digital currencies as part of a money laundering investigation.

UK Police break their own record after seizing $250 million in cryptocurrencies

UK Police break their own record after seizing $250 million in cryptocurrencies

Detectives from the Economic Crimes Command division of the Metropolitan Police, the law enforcement service for the Greater London area, carried out the seizure. This was reported by the authority in a statement on Tuesday.

While the police did not provide details on which digital assets were involved in the proceeding, they indicated that cryptocurrencies worth nearly £180 million had been seized. Local news outlet The Guardian reported that it was Bitcoin, although authorities declined to confirm such information to The Block.

“This is believed to be one of the largest seizures in the world,” the police wrote in the statement. Also, although they did not disclose how the cryptocurrencies have been confiscated, they indicated that the assets are part of an ongoing investigation into international money laundering.

The news comes just weeks after the same police force seized another extraordinary sum of cryptocurrencies. On June 24, the agency reported a seizure of 114 million pounds sterling ($158 million) in digital currencies, which had been the largest at the time.

Read more:

A 39-year-old woman was arrested on suspicion of money laundering during the first seizure and has been interviewed under caution about the second case. The suspect is currently on bail until the end of July, authorities said.

“While cash is still king in the criminal word, as digital platforms develop, we see more and more organized criminals using cryptocurrencies to launder their dirty money,” commented the Deputy Deputy Commissioner of Police. Metropolitan, Graham McNulty.

For his part, Police Detective Joe Ryan added that the latest seizure represented “another important milestone in this investigation that will continue for the next several months as we focus on those at the center of this alleged money laundering operation.”

Leave a Reply

Your email address will not be published. Required fields are marked *