About $250 million (£180 million) of cryptocurrency Police in the UK have been seized by UK police in a money-laundering investigation. The amount is a UK record and is said to be one of the largest-ever crypto seizures throughout the world.
The Metropolitan Police announced that the seizure was made by the Met’s Economic Crime Command. It was done a few weeks after it takes over $157.8 million worth of crypto. Both came on the back of intelligence received about the transfer of criminal assets and form part of an ongoing investigation into international money laundering.
The Met hasn’t disclosed the type of crypto it seized. According to The Guardian reports, it was Bitcoin.
According to the Metropolitan police’s deputy assistant commissioner, Graham McNulty, “While cash remains king in the criminal world, as digital platforms develop, we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money.”
On June, 24 a 39-year-old woman was caught on suspicion of money laundering offenses. Later, on July 10, she was released on bail and interviewed under caution concerning the latest crypto seizure and has been bailed to a date in late July.
As per assumptions, the value of the crypto is directly related to the time it was seized—when one Bitcoin was worth about $33,000. In case the incident took place during Bitcoin’s near $64,000 peak in mid-April, the total amount would have been worth almost double.
While $250 million is a huge amount, it pales in comparison to the alleged $3.6 billion worth of Bitcoin taken in what seems to be the biggest cryptocurrency theft—or hack—in history. However, some reports claim that amount may have been a lot lower.