technology

London’s Met Police seize record £180 million in cryptocurrency assets

London’s Met Police seize record £180 million in cryptocurrency assets
London’s Met Police seize record £180 million in cryptocurrency assets

The Metropolitan Police of London, also known as Met Police, have reportedly seized more than £180 million ($250 million) worth of cryptocurrency that was linked to an international money laundering case.

According to reports, the confiscation is the biggest of its type in the UK, breaking the past record of £114 million in cryptocurrency collected by the Met Police on June 24.

A 39-year-old woman, who was arrested as a suspect in the money laundering case on June 24, has been interrogated again in connection with the latest confiscation. The woman was released on a bail after the interrogation.

The seizure was carried out by the Met Police's economic crime division in response to intelligence obtained regarding the transfer of illegal assets. The inquiry is still ongoing.

Meanwhile, the Metropolitan Police Department did not disclose which type of cryptocurrency was confiscated.

Graham McNulty, Deputy Assistant Commissioner of the Metropolitan Police Service, stated that crime proceeds are laundered in a variety of ways. While cash money is still supreme in the criminal underworld, as digital platforms emerge, the Met is increasingly witnessing organized criminals using cryptocurrencies to launder their money.

The investigators working on this case have worked meticulously and tirelessly to track down several millions of pounds worth of cryptocurrency that is suspected to be connected to illegal activity and is now being laundered to disguise the trail, McNulty added.

The Met investigation will go to whatever lengths it has to to halt the transfer and uncover the people involved.

Cryptocurrencies are digital currencies that are not provided by any bank. People could trade and invest in these digital currencies just like any other, and there are almost no entrance restrictions. Due to the lack of regulations, the market can rise quite quickly.

The overall worth of all cryptocurrencies climbed from around £175 billion to more than £1.75 trillion during the lockdown.

According to figures from the UK’s financial watchdog, hundreds of thousands of individuals in the UK own such digital currencies.

Source credit: https://www.bbc.com/news/uk-england-london-57816644

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