The U.K. Police have seized a record £180 million ($250 million) worth of cryptocurrencies as part of an ongoing money-laundering investigation, marking one of the largest crypto seizures in the world.
The latest seizure comes less than a month after the Met confiscated £114 million ($158 million). On June 24, law enforcement arrested a 39-year-old woman on suspicion of money laundering offenses. In total, the police have seized nearly $408 million worth of cryptos in the two sting operations following a response from the Economic Crime Command Division of the Metropolitan Police about the transfer of criminal assets. Met. Police Deputy Assistant Commissioner Graham McNulty said:
While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money.
Based on the largely anonymous nature of cryptocurrencies, their convenience and universality have attracted the world’s biggest criminals who use them to evade tax.
It is unclear what the government will do with the seized funds. However, in the case of the United States, seized cryptos are typically auctioned to the general public.