The Metropolitan Police seized a record amount of cryptocurrency worth £180m, linked to international money laundering in London.
This is the largest seizure of its kind in the UK, beating the previous record of £114m confiscated on 24 June.
Police interviewed a 39 year old woman, arrested in June on suspicion of money laundering, about the new incident. She is since let out on bail, but the investigation continues.
The Met’s economic crime department seized the cryptocurrency after receiving information about the transfer of criminal assets. However, they have not given any details on which cryptocurrencies are involved in the seizure.
Detectives working on this case have tirelessly traced millions of pounds worth of cryptocurrency. They suspect the money is linked to criminal acts, and then laundered to hide the trail. The investigation will continue as they aim to stop transfers, and also discover the identities of those involved.
What is cryptocurrency?
A cryptocurrency is digital money. It is not issued by a bank, so cannot be regulated or tracked in the same way as regular money can. You are able to trade and invest cryptocurrencies like you can any other, with virtually no barriers. As there is no regulation, it means the market can increase very quickly.
Data shows that hundreds of thousands of people in the UK have digital money. The total value of all cryptocurrencies rose from around £175bn to over £1.75tn during lockdown. The market peaked at its highest ever level since the start of May, but a few weeks later, lost over £1tn.
Transactions completed using cryptocurrencies allow for senders and recipients of money to remain more anonymous. This makes digital money ideal for criminal activities.
Meanwhile, police officers say, “proceeds of crime are laundered in many different ways”. The criminal world mainly still use cash, but as digital platforms develop, things are evolving. They are seeing more use of cryptocurrencies among organised criminals to launder their dirty money.
Thank you for reading Cryptocurrency worth £180 million seized by Police in London
Looking for a storage solution for your garden furniture, tools and belongings? Look no further – Garden Sheds at affordable prices.