Saturday, May 21, 2022

British Police Confiscate $250 Million Worth Cryptocurrency

British Police confiscated a record $250 million worth of cryptocurrency linked to international money laundering in London. 

This largest crypto seizure in the world was a part of an ongoing money-laundering investigation, said the Met Police. During the investigation, the authorities received some information regarding the transfer of criminal assets. 

It is further being assumed that the confiscation is also linked to the last criminal cryptocurrency haul, which happened a month ago.

While releasing a public statement, the Metropolitan Police Detective Constable Joe Ryan, stated that just a few weeks ago, his team seized cryptocurrency worth $157 million.  

“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.”

As per the report, on June 24, the police arrested a 39-year-old woman on a suspicion of money laundering offence, however, later she was released on bail.

On July 10, after seizing $250 million worth of cryptocurrency, the police called the same woman for the investigation.

“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,” said Deputy Assistant Commissioner Graham McNulty.

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