TechnologyUK police make record cryptocurrency seizure

UK police make record cryptocurrency seizure

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London, United Kingdom: British police on Tuesday announced they had seized a record £180 million ($250 million, 210 million euros) of cryptocurrency that is suspected of having being used in criminal enterprises.

The country’s largest-ever haul was made as part of an ongoing investigation into international money laundering and used intelligence received about the transfer of criminal assets, according to police.

They also believe it is linked to the previous record criminal cryptocurrency haul, made just last month.

“Less than a month ago we successfully seized £114 million in cryptocurrency,” explained Metropolitan Police Detective Constable Joe Ryan in a statement.

“Our investigation since then has been complex and wide-ranging. We have worked hard to trace this money and identify the criminality it may be linked to.”

A 39-year-old woman was arrested on June 24 on suspicion of money laundering offenses after last month’s seizure, before being released on bail.

The same woman was interviewed under caution in relation to the £180 million seized on July 10.

“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,” said Deputy Assistant Commissioner Graham McNulty.

“Whilst some years ago this was fairly uncharted territory, we now have highly trained officers and specialist units working hard in this space to remain one step ahead of those using it for illicit gain.”

Debayan Paul
Debayan is a freelance digital reporter and Editor-in-chief of We The World Magazine. Contact: communications@wetheworldmagazine.com

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