The crypto industry isn’t new to scams and hacks. As the UK has been doubling down on regulations, particularly with regard to the crypto-verse, the police in the region took down a money-laundering operation. They went on to confiscate a large sum of money.
The crypto market has been linked to an array of illegal activities, from being a part of the dark web all the way to money laundering and funding terrorism. Even though crypto platforms across the industry have been setting up robust anti-money laundering procedures, certain things go unnoticed in the industry.
Law enforcement does not lag as they keep up and bring down any bad actors in the industry. Similarly, UK’s Metropolitan Police revealed that they had come into possession of about $250 million worth of cryptocurrency.
UK’s largest crypto seizure yet?
Towards the end of June 2021, UK’s Met arrested a 39-year-old as a potential suspect of a money laundering case. While she was released on bail, the Met captured a total of £114million around the same time. As the world assumed that the sum as mentioned earlier would be their largest seizure in crypto, the Met went on to secure another £180 million worth of cryptocurrency on 10 July.
Noting how criminals have been taking their crimes digital, Deputy Assistant Commissioner Graham McNulty suggested that cash still remains king in the criminal world. He also revealed that the law enforcement agency had managed to bag “highly trained officers” to probe this territory.
As the investigation persists, the Deputy Assistant Commissioner added,
“The detectives on this case have worked tirelessly and meticulously to trace millions of pounds worth of cryptocurrency suspected of being linked to criminality and now being laundered to hide the trail. Those linked to this money are clearly working hard to hide it. Our investigation will stop at nothing to disrupt the transfer and identify those involved.”