Over £1 million in cryptocurrency seized by police in crackdown on assets

Officers at Avon and Somerset Police have seized cryptocurrency and cash assets valued at over £1 million under the Proceeds of Crime Act.

The investigation led to the forfeiture of 20.21 Bitcoin along with other crypto assets and bank funds totalling £1,032,487.86.

The individual at the centre of the investigation, who has since died, was previously convicted of money laundering offences.

Largest Seizure Since New Legislation

This marks the most extensive cryptocurrency asset seizure by the police since the 2024 introduction of crypto wallet freezing orders.

These legal measures allow for immediate asset freezing when suspected connections to criminal activities are identified.

Officers employed advanced cryptocurrency tracing and financial investigation techniques, supported by the police Cyber Team, to track assets linked to darknet marketplaces operating between 2016 and 2019.

These sites, now shut down by law enforcement, were involved in various criminal activities, including trafficking and drug supply.

Asset Forfeiture and Community Benefit

The investigation confirmed that the cryptocurrency and funds were criminal proceeds, allowing them to be classified as recoverable under POCA.

After a court ruling earlier this year, these assets were forfeited, and the funds will be channelled into community and policing initiatives focused on education, training, and crime prevention.

Detective Constable Anthony Davis from the Financial Investigation Unit emphasized the role of financial investigation skills in recovering assets held in cryptocurrencies.

"Many think cryptocurrencies provide anonymity, but transactions are stored on a blockchain, proving to be a valuable source of evidence," Davis said.

"We will continue to identify, trace, and recover criminal property in all forms to deprive criminals of illicit wealth potentially fuelling organised crime."

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