Police cryptocurrency crackdown sees over £1 million in criminal assets seized
The assets have been seized under the Proceeds of Crime Act.
Avon and Somerset Police have seized more than one million pounds in criminal assets in their biggest ever cryptocurrency crackdown.
An investigation by the force’s Financial Investigation Unit led to the forfeiture of over twenty Bitcoin and other crypto assets earlier this year held in a bank account with a combined value of £1,032,487.86. The assets were seized under the Proceeds of Crime Act.
The investigation's subject, now deceased, had been previously convicted of money laundering offences.
The force say it is the largest cryptocurrency seizure they've recorded since crypto wallet freezing orders were introduced in April 2024. With this legislation authorities can immediately freeze assets within a crypto wallet if there are reasonable grounds to suspect they are connected to criminal activity.
The seized money will now be reinvested into community and police initiatives.
Detective Constable Anthony Davis, of Avon and Somerset Police’s Financial Investigation Unit, said: “This case demonstrates the growing importance of specialist financial investigation skills in identifying and recovering criminal assets held in cryptocurrencies."
“Many people think cryptocurrencies provide anonymity, help conceal wealth and place assets beyond the reach of law enforcement. In reality, a permanent record of transactions is stored on a digital leger called a blockchain, which can be an invaluable source of evidence."
“We’ll continue to use all available powers to identify, trace and recover criminal property, regardless of the form it takes. By seizing the profits of crime, we are depriving criminals of illicit wealth that may have been used to support further organised crime.”