UK Authorities Conduct a Record-Breaking Crypto Seizure Worth $249 Million

Detectives from the UK Metropolitan Police’s Economic Crime Command made another significant strike regarding seizing a considerable amount of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, surpassing the last one made on June 24. According to the announcement, the authorities conducted what is believed to be the largest crypto seizure known worth £114 million ($249 million) in unnamed coins.

The operation was made in the context of an ongoing investigation into an international Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term case investigated by the Met’s Economic Crime Command. Also, the UK authorities revealed that a 39-year-old woman was arrested on suspicion related to money laundering crimes on June 24, but she was released on bail.

However, the unnamed woman was later interrogated by detectives after finding around £180 million worth of virtual currencies last Saturday. Still, she has been released on bail to an unspecified date at some point in July.

“Less than a month ago, we successfully seized £114million in cryptocurrency. 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. 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 center of this suspected money laundering operation,” Joe Ryan, Detective Constable, said.

Investigations to Continue

Furthermore, Graham McNulty, Deputy Assistant Commissioner from the UK Metropolitan Police, pointed out that the investigations will be ongoing to trace cryptos used for illicit purposes: “The detectives on this case have worked tirelessly and meticulously to trace millions of pounds worth of cryptocurrency suspected of being linked to criminality and now being laundered to hide the trail. Those linked to this money are clearly working hard to hide it. Our investigation will stop at nothing to disrupt the transfer and identify those involved.”

At the end of June, the UK authorities seized £114 million ($158.8 million) in virtual currencies, reportedly related to a money laundering case.