Home Cryptocurrency News Police seize record $249 million of cryptocurrency in UK – CNN

Police seize record $249 million of cryptocurrency in UK – CNN

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The confiscation is considered one of many largest globally, the Met Police mentioned, and comes simply weeks after police confiscated £114 million ($158 million) of cryptocurrency in June.
The seizures had been made by the power’s financial crime command, after pursuing intelligence obtained concerning the switch of legal belongings, a press assertion mentioned Tuesday.
The seizures shaped a part of an ongoing investigation into worldwide cash laundering.
Cryptocurrency is an all-digital cash system made up of “cash” or “tokens” which are managed by a decentralized ledger.
Police haven’t specified which cryptocurrency was seized.
A 39-year-old lady was arrested on June 24 on suspicion of cash laundering offenses, and was launched on bail, police mentioned.
She was interviewed beneath warning in relation to the most recent discovery of practically £180 million on July 10 and has been launched on bail till later this month, the power added.
Detective constable Joe Ryan mentioned this month’s seizure was a “vital landmark” in an ongoing operation.
“Lower than a month in the past we efficiently seized £114 million in cryptocurrency. Our investigation since then has been complicated and wide-ranging,” he mentioned.
“We’ve got labored laborious to hint this cash and determine the criminality it could be linked to. Right this moment’s seizure is one other vital landmark on this investigation which is able to proceed for months to come back as we hone in on these on the centre of this suspected cash laundering operation,” Ryan added.
Deputy assistant commissioner Graham McNult added within the assertion: “Proceeds of crime are laundered in many alternative methods. Whereas money nonetheless stays king within the legal phrase, as digital platforms develop we’re more and more seeing organised criminals utilizing cryptocurrency to launder their soiled cash.
“While some years in the past this was pretty unchartered territory, we now have extremely educated officers and specialist models working laborious on this house to stay one step forward of these utilizing it for illicit acquire.”

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