Key Takeaways
- New record cryptocurrency seizure in the UK
- Second major crypto seizure by the UK police
- Fiat currency still remains the predominant form of money used by criminals
This Tuesday, July 13, London police announced the seizure of nearly 180million pounds in cryptocurrencies. In a press release, the British authorities assure that it is "one of the most important seizures in the world."
The Metropolitan Police did not specify whether it was Bitcoin or an altcoin. This latest seizure is the largest digital asset confiscation in UK history. The London police had earlier in June seized about £114 million in cryptocurrency in a previous operation at the end of June.
The operation in June occurred after a London police detective had obtained sensitive information about the transfer of criminal assets. This had triggered swift action by local police authorities.
The second seizure resulted from a prolonged investigation into illicit financial activities, headed by agents specializing in the digital currency sector. Joe Ryan, a representative of the London police, stated that the seizure was due to the hard work put in by local authorities.
He also added that the police would continue investigating the case to prosecute the head of the money laundering operation. In its press release, the British police point to cryptocurrencies as a tool to facilitate the laundering of dirty money by organized criminals. Like fiat currencies, digital currencies are sometimes used by individuals involved in criminal activity.
However, cryptocurrencies are not the preserve of crooks. According to a report by Chainalysis for 2020, transactions related to criminal activities represent only 0.34% of digital currency exchanges. This rate is falling year on year as economic activity related to cryptocurrencies continues to explode.
Do you think the perception that only criminals use cryptocurrency is fair?
