The Metropolitan Police has seized a record $250 million worth of cryptocurrency linked to international money laundering in London.
According to the BBC report, the metropolitan police has seized a record £180m ($250 million) worth of cryptocurrency linked to international money laundering in London. A 39-year-old woman arrested on suspicion of money laundering on June 24 has been interviewed over the new seizure. According to the report, the woman has since been bailed. Cryptocurrency-related crimes have been a major concern among regulators across countries.
The crypto seizure is the largest of its kind in the UK.
“Today’s seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the center of this suspected money laundering operation,” said Detective Constable Joe Ryan. The seizure is the largest of its kind in the UK, following a 114-million pound confiscation of cryptocurrency made on June 24. The Met’s economic crime command seized cryptocurrency after following up intelligence received about the transfer of criminal assets. The investigation is continuing. The law enforcement agency did not reveal which cryptocurrency it seized.
Cryptocurrency crimes continue to trouble regulators.
The fact that transactions made using cryptocurrencies can provide more anonymity to senders and recipients of money has encouraged criminals to use cryptocurrency to carry out illegal activities. As reported earlier, a potential major scam, Africrypt, founders are facing mounting pressure to come forward to authorities as investigators delve into one of the biggest cryptocurrency thefts in the country. South African regulators are tightening crypto regulations after the country witnessed two major scams in the last year. The first crypto scam was Mirror Trading International which reportedly took off with over $170 million of its customers. Financial regulators across countries are working on crypto regulations actively to protect investors.