Police make UK’s greatest ever cryptocurrency seizure as they confiscate £114m | UK Information

About £114m of cryptocurrency has been seized by UK police as a part of a money-laundering investigation.

The Metropolitan Police stated the confiscation was the most important of its variety within the UK, and one of many largest on this planet.

Final yr, US authorities stated they’d seized round $1bn (£718m) price of Bitcoin linked to darknet market place the Silk Street, which was shut down in 2013.

The Met didn’t say which cryptocurrencies they seized, however revealed the operation was carried out by their Financial Crime Command crew in reference to money-laundering offences.

Deputy Assistant Commissioner Graham McNulty stated: “Each single a part of the Met is working to cut back violence on the streets of London as an absolute precedence, this consists of our monetary investigators.

“There’s an inherent hyperlink between cash and violence. Violence is used to extort, blackmail, burgle, management and exploit. It is used to guard legal earnings and keep management of territories.

“Money stays king, however as know-how and on-line platforms develop, some are shifting to extra refined strategies of laundering their earnings.

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“However, we’ve got extremely skilled officers and specialist models working day and evening to stay one step forward.”

Detective Constable Joe Ryan stated: “Criminals must legitimise their cash in any other case it dangers being seized by legislation enforcement.

“The proceeds of crime are virtually all the time laundered to cover the origin, however by disrupting the move of funds earlier than they’re reinvested, we are able to make London an extremely tough place for criminals to function.”

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