Tue, July 23

Biggest Seizures of Cryptocurrency in UK

Biggest Seizures of Cryptocurrency in UK Blockchain News
  • The detectives of the UK have seized over £114 in crypto.
  • The criminals are demanded to validate their money.
  • Scotland Yard also seized large cash in May.

While investigating a money laundering case, British detectives seized approximately £114 in cryptocurrency. A suspicious amount of digital assets was discovered in a suspect’s account, according to the police. 

The Law enforcement in London has described that this operation is the biggest cryptocurrency seizure in the UK. The Met’s Economic Crime Command conducted the investigation. The criminals are demanded to validate their money else it will be risky. Detective Officer Joe Ryan explained in his comment:

“Crime proceeds are almost always laundered to conceal their source, but by disrupting the flow of funds before they are reinvested, we can make London an extremely difficult place for criminals to operate.”

Officials Trying To Reduce Crime

Every official of the Met is working hard to reduce violence in every street of London. Deputy Assistant Commissioner Graham McNulty acknowledges that money and violence are closely linked. He also added:

“Extortion, blackmail, robbery, control, and exploitation all involve the use of violence. It is used to protect criminal profits and maintain territorial control.”

Furthermore, McNulty stated that police officers attempt to handcuff not only the criminals involved in the transfer of digital assets but also the money-laundering gang. During the financial year 2020-2021, over £47 million got seized by the investigators.

According to the Daily Mail, Scotland Yard seized the largest amount of cash ever seized in May of this year. Furthermore, according to the published news on this subject, more than £5 million was found in all possible locations of a flat in West London. Consequently, in this Covid lockdown in Britain, the money-laundering gang tucked away the cash because they “didn’t know what to do with it”.

The recent seizure is more than double the amount of cash seized by Scotland Yard last year. Official confiscation of digital assets has become a trend, beginning in 2019 with the seizure of £1.2 million in bitcoin.

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