$190M in crypto got confiscated in the UK biggest seizure from criminals as the reports from the UK Authorities show us and we read more in today’s crypto news.
UK authorities made one of the biggest crypto seizures with $190M in crypto getting confiscated from criminals. Specialists detectives from Met’s Economic Crime Command confiscated the funds after the investigations on money laundering. According to a press release from Met’s Economic Crime command as the local authorities made the biggest “crypto seizure in the UK” which is also believed to be “one of the biggest globally.”
As the investigation continued, the detectives refused to provide more information precisely of the nature of the crimes or to identify the criminals. However, Joey Ryan who is a detective comment3ed that bad actors have to legitimize their money but they would risk being seized by law enforcement. Even with the usage of innovative technology like crypto, Ryan promised to work to make London an even more difficult place for criminals to operate.
Deputy Assistant Commissioner Graham McNulty admitted the “cash remains king” when it comes to laundering illicitly obtained funds but as the technology and online platforms develop further, some are moving to more sophisticated methods of laundering their profits. The officers don’t work to disrupt and seize funds being transferred digitally as they continue to deprive the criminals of hard cash because in 2020/2021 we seized more than $47 million from the hands of criminals. The cash cannot be reinvested in crime and it cannot be used to buy and peddle drugs and weapons so cannot be used to entice and to exploit people into criminality.
The seizure could be the biggest in the UK as authorities asserted but there were others in the past as well. In the past, the UK Metropolitan Police Service arrested a 35-year old woman and confiscated more than $150,000 worth of BTC while the perpetrator obtained the funds through fraudulent applications for the government-backed loans for businesses that were affected by the pandemic.
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