British detectives have seized cryptocurrencies valued at 114 million pounds (158 million euros) as part of an ongoing money-laundering investigation, Britain’s Metropolitan Police Force announced on Thursday. This is the largest seizure of cryptocurrency in the UK and one of the biggest in the world.
Police in London have seized $160 million worth of cryptocurrencies in a money-laundering investigation. It is the biggest crypto seizure in Britain since criminals moved onto tech platforms. British police want tougher laws that would allow them to freeze crypto assets when they deposit money, the Times reported.
The UK’s Met has carried out what is believed to be the largest seizure of cryptocurrencies, totaling $114 million, police have said. According to Assistant Commissioner Graham McNulty, cash is still the biggest new technology, while crypto is increasingly being used for illegal activities. Cash remains king, but technology and online platforms are evolving rapidly, with some moving to more sophisticated ways to launder their profits.
As the money laundering investigation continues, specialist detectives from the Met’s Economic Crime Command refuse to provide detailed information about the exact nature of the crime or identify the perpetrators.
The seizure was carried out by investigators from the Met’s Economic Crime Command and backed up by information about the transfer of criminal assets. British police said that the seizure was the largest of its kind in Britain and one of the largest in the world. Investigators from the Met’s Economic Crime Command carried out the seizure of Bitcoin and other cryptocurrencies in the wake of the September 11, 2017 terror attacks in London and London Bridge, London, authorities said. Investigators working on the case found PS10.3 million in cryptocurrencies in suspicious accounts.
Special detectives investigating a clue to criminal assets discovered the cash, believed to be worth more than 100 million. Record profits from the criminal network, discovered by Economic Crime Command investigators, represent one of the largest seizures of cryptocurrencies in the world.
In 2020, There was another big raid by the government Following 33 arrests of criminals involved in cryptocurrency money laundering, authorities raided more than 40 homes in Europe and recovered Bitcoin mining equipment in Bulgaria. Twenty of the arrested criminals were suspected of being members of the QQAZZ criminal network which has laundered tens of millions of dollars since 2016 for cybercriminals. In October, in a separate case in New Zealand, a man was arrested for laundering more than $2 million in cryptocurrencies while buying luxury cars, including a Lamborghini and a Mercedes G63.