July 13, 2021, 8:23 am
The cryptocurrency is increasingly used for money laundering activities.
Detectives investigating international money laundering have seized nearly £ 180 million worth of Bitcoin, breaking the record for the UK’s largest cryptocurrency seizure.
The seizure and the previous £ 114 million record set on Jan.
Detective Constable Joe Ryan said the seizure was a “significant milestone” in the investigation, saying, “Less than a month ago we successfully seized £ 114 million in cryptocurrency.
“Our investigations since then have been complex and far-reaching.
Continue reading: “Irresponsible”: Senior doctors condemn the easing of the Prime Minister’s July 19 lockdown
Continue reading: Flash floods create disruption amid torrential rains across London
“We have worked hard to track down this money and identify the crime it may be associated with.
“Today’s seizure is another major milestone in this investigation, which will continue for months as we investigate the people at the center of this suspected money laundering operation.”
A 39-year-old woman was questioned conditionally about the nearly £ 180 million seized on Saturday 10 July and subsequently released on bail in late July.
The same woman was arrested on June 24 on suspicion of money laundering and then released on bail.
The investigation continues.
A bitcoin – a cryptocurrency – is currently worth around £ 23,500 after hitting its high of £ 47,126.48 in April.
This means that the amount confiscated three months ago could have been almost double what it is today.
The Met says the use of cryptocurrencies in money laundering is increasing, something that was “uncharted territory” a few years ago.
Continue reading: Dozens dead as fire sweeps through Covid station in Iraq
Continue reading: Sage member urges the government to explain the benefits of wearing a mask to the public
“Crime proceeds are laundered in many different ways,” said Deputy Assistant Commissioner Graham McNulty.
“While cash is still the king of criminals, as digital platforms evolve, we are seeing increasingly organized criminals using cryptocurrency to launder their dirty money.
“While this was pretty much uncharted territory a few years ago, we now have highly qualified officers and special forces who work hard in this area to stay one step ahead of those who use it for illegal purposes.
“The detectives in this case have worked tirelessly and meticulously to track down millions of pounds worth of cryptocurrencies that are suspected of being crime-related and are now being laundered to hide the trail.
“Those associated with this money are obviously working hard to hide it. Our investigation will stop at nothing to disrupt the broadcast and identify those involved. “