Digital Assets: London’s Metropolitan Police Seize $249M In Cryptocurrency

July 13, 2021 | Digital Assets, News

The biggest confiscation in the UK, it is also said to be the largest sum seized globally.

London’s Metropolitan Police, acting on information received about the transfer of criminal assets, seized almost £180 million ($249 million) in cryptocurrency on Saturday. The investigations surrounding the seizure related to international money laundering. The haul follows another amount of £114 million ($158 million) of cryptocurrency confiscated in June, which was itself a UK record. (CNN)

The police have not revealed the names of cryptos in the latest seizure. A 39-year old woman appears to be of interest to the police in both incidents. She was arrested on June 24 on suspicion of money laundering but then released on bail. After the latest cache of £180 million was found, the police interviewed her again on July 10.

Met’s ongoing investigation

“Less than a month ago we successfully seized £114 million in cryptocurrency. Our investigation since then has been complex and wide-ranging,” said Metropolitan  Detective constable Joe Ryan.

“We have worked hard to trace this money and identify the criminality it may be linked to. Today’s seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the centre of this suspected money laundering operation,” Ryan added.

“While cash still remains king in the criminal word, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money,” said Met Deputy assistant commissioner Graham McNult.

Large criminal groups have taken to cryptocurrencies as a means for conducting their operations because of their anonymity, global acceptability, and ease of transacting.

Related Story:  Chief Of Turkish Crypto Exchange Thodex On The Lam, Allegedly With $2B

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