Record £180m worth of cryptocurrency seized by police

A record £180m worth of cryptocurrency linked to international money laundering has been seized by the Met Police in London.

This is the UK’s largest cryptocurrency seizure and tops the recent previous record set by the Met when it confiscated £114m of cryptocurrency on 24 June.

The seizures, which form part of an ongoing investigation into international money laundering, were made by the Met’s Economic Crime Command on the back of intelligence received about the transfer of criminal assets.

A 39-year-old woman was arrested on 24 June on suspicion of money laundering offences, and was released on bail. The same woman has been interviewed under caution in relation to the discovery of the near £180m worth of cryptocurrency over the weekend on 10 July, and she has now been bailed to a date in late July as the investigation continues.

The Met has not confirmed which cryptocurrencies were seized as part of the operation.

Deputy Assistant Commissioner, Graham McNulty, commented: “Proceeds of crime are laundered in many different ways. 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.

“Whilst some years ago this was fairly unchartered 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.

“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.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.