UK’s Metropolitan Police Seizes $400M Worth of Crypto in Two Hauls

Russia’s War on Ukraine Affects the Country’s Crypto Boom!
  • The UK’s Metropolitan Police has seized almost $250 million worth of digital assets.
  • The new haul comes after a past seizure of $150 million.

The UK’s Metropolitan Police has seized almost $250 million worth of digital assets. However, this happened as part of an ongoing investigation into international money laundering.

Moreover, it is not evident which crypto the seizure involves. In addition, the police refused to confirm whether the crypto was Bitcoin. As some news outlets have been reporting, or if it is any other crypto asset. Added to this, the new haul happened after a past seizure of $150 million worth of crypto assets late last month.

Metropolitan Police Deputy Assistant Commissioner Graham McNulty said,

“While cash still remains king in the criminal [world], as digital platforms develop we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money.”

Though the police explained it as the biggest crypto seizure world-wide, there are many other hauls on a much bigger scale around the globe. Notably, the $1 billion of Bitcoin seized by the US government when it shut down the Silk Road marketplace. Also, in China $4.2 billion in cryptos seized over the PlusToken scandal.

More so, a 39-year-old woman, arrested on suspicion of money laundering in the first seizure. Moreover, it has interviewed under caution over the second seizure, said the police, adding that the investigation will continue.

Furthermore, Joe Ryan who is the detective constable at the Metropolitan Police mentioned today’s seizure is another significant landmark in this investigation. This will continue for months ‘as we hone in on those at the centre of this suspected money laundering operation’.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.