UK detectives seize a record $250 million in crypto

midian182

Posts: 7,081   +62
Staff member
What just happened? Police in the UK have seized almost $250 million (£180 million) of cryptocurrency in a money-laundering investigation. The amount is a UK record and thought to be one of the largest-ever crypto seizures globally.

The Metropolitan Police announced that the seizure was made by the Met’s Economic Crime Command. It comes a few weeks after it confiscated $157.8 million worth of crypto. Both came on the back of intelligence received about the transfer of criminal assets and form part of an ongoing investigation into international money laundering.

The Met hasn’t revealed the type of crypto it seized. According to The Guardian, the digital currency in question was Bitcoin.

“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 the Metropolitan police’s deputy assistant commissioner, Graham McNulty.

A 39-year-old woman was arrested on suspicion of money laundering offenses on June 24. She was released on bail and interviewed under caution on July 10 in relation to the latest crypto seizure and has been bailed to a date in late July.

It’s presumed that the value of the crypto relates to the time it was seized—when one Bitcoin was worth around $33,000. Had the incident took place during BTC’s near $64,000 peak in mid-April, the total amount would have been worth almost double.

While $250 million is a lot of money, it pales in comparison to the alleged $3.6 billion worth of Bitcoin taken in what appears to be the biggest cryptocurrency heist—or hack—in history. But some reports claim that amount may have been a lot lower.

Permalink to story.

 

Cycloid Torus

Posts: 4,803   +1,603
Like any other asset/cash seized from criminals, it will be turned into cold hard cash and go to the Government coffers.
So, it gets converted government issued currency. Where do the actual 'bit-whatever-coins' go? back into the laundry?
 

mbrowne5061

Posts: 1,910   +1,109
So, it gets converted government issued currency. Where do the actual 'bit-whatever-coins' go? back into the laundry?
Back into their own market. The British government will sell the coins for GBP, and someone will happily take the crypto off their hands.
 

Neatfeatguy

Posts: 444   +707
I love this paragraph because the Author assumes folks are too stupid to do basic math:

"It’s presumed that the value of the crypto relates to the time it was seized—when one Bitcoin was worth around $33,000. Had the incident took place during BTC’s near $64,000 peak in mid-April, the total amount would have been worth almost double."
 

tellmewhy

Posts: 102   +50
Nobody would pay taxes in a volunteer base so the taxes are a withdrawal of resources by force which is the definition of theft.
 

Avro Arrow

Posts: 1,727   +2,044
TechSpot Elite
As my previous post got deleted I'll just retort with an ample, Er no. Wrong.
You'd rather have money in the hands of organised crime than in the hands of an elected government? I realise that many governments are criminals themselves but the UK government isn't one of them. Therefore I must assume that you're either insane or you're joking. Since you gave no qualifiers as to why you think I'm wrong (which is par for the course when it comes to trolling).
 

Danny101

Posts: 1,834   +790
You'd rather have money in the hands of organised crime than in the hands of an elected government? I realise that many governments are criminals themselves but the UK government isn't one of them. Therefore I must assume that you're either insane or you're joking. Since you gave no qualifiers as to why you think I'm wrong (which is par for the course when it comes to trolling).
At this point, I'm so jaded that I believe that every government is up to some criminality, give or take some unknown level of percentage points. Power corrupts absolutely.