$250 Million Worth of Crypto Seized by U.K. Police

It has emerged that the British police have seized crypto assets worth around £180 million, which translates to roughly $249.35 million as part of its investigation into criminal organisations that are suspected of having used these assets for money laundering acts. The said funds were discovered on July 10.

The seizure is believed to be one of the largest seizures ever made in the world. Recall that the police had previously seized over £100 million worth of crypto earlier in the year. Adding this recent seizure to the previous one means they have successfully seized over $400 million worth of digital assets in their investigations into money laundering.

Graham McNulty, the Metropolitan Police Deputy Assistant Commissioner, stated that criminals were increasingly using digital coins to launder their ill-gotten wealth. In his words, “While cash remains king in the criminal world, as digital platforms develop, we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money.”

Another police officer Detective Constable Joe Ryan, while speaking on the seized assets, was credited to have said, “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 centre of this suspected money laundering operation.”  It was also disclosed that a woman was detained and questioned in relation to the seized funds.

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