{"id":8771,"date":"2021-06-25T16:54:07","date_gmt":"2021-06-25T16:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/scotland-yard-seizes-record-114-million-in-cryptocurrency\/"},"modified":"2021-06-25T16:54:07","modified_gmt":"2021-06-25T16:54:07","slug":"scotland-yard-seizes-record-114-million-in-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/scotland-yard-seizes-record-114-million-in-cryptocurrency\/","title":{"rendered":"Scotland Yard Seizes Record \u00a3114 Million in Cryptocurrency"},"content":{"rendered":"

British police have carried out U.K.\u2019s largest crypto seizure to date. Detectives working on a money laundering case found a staggering \u00a3114 million worth of cryptocurrency in a suspect\u2019s account. Scotland Yard vowed to continue the investigation. <\/strong><\/p>\n

UK Makes One of World\u2019s Largest Crypto Seizures<\/h2>\n

Acting on intelligence about the transfer of criminal funds, specialist detectives confiscated \u00a3114 million (over $158 million) in crypto, Britain\u2019s Metropolitan Police Service (MPS) announced<\/a> Thursday. The agency responsible for law enforcement in the Greater London area described the operation as the biggest cryptocurrency seizure in the U.K. and one of the largest globally.<\/p>\n<\/p>\n

The digital assets have been captured as part of an ongoing money laundering<\/a> investigation conducted by the Met\u2019s Economic Crime Command. Police officials refrained from disclosing further details, including the type of cryptocurrency seized. \u201cCriminals need to legitimise their money otherwise it risks being seized by law enforcement,\u201d Detective Constable Joe Ryan commented, elaborating:<\/p>\n

The proceeds of crime are almost always laundered to hide the origin, but by disrupting the flow of funds before they are reinvested, we can make London an incredibly difficult place for criminals to operate.<\/p>\n

\u201cEvery single part of the Met is working to reduce violence on the streets of London as an absolute priority, this includes our financial investigators,\u201d said Deputy Assistant Commissioner Graham McNulty. He emphasized there\u2019s an inherent link between money and violence. \u201cViolence is used to extort, blackmail, burgle, control and exploit. It\u2019s used to protect criminal profits and maintain control of territories,\u201d the commissioner explained.<\/p>\n

<\/p>\n

Cash Remains King, Scotland Yard Admits<\/h2>\n

Police officers are not only trying to disrupt the digital transfer of illicit funds but also deprive criminals of hard cash, McNulty added. In the fiscal year 2020-2021, investigators discovered and seized over \u00a347 million ($65 million). \u201cThis cash can no longer be reinvested in crime, it cannot be used to buy and peddle drugs and weapons, and cannot be used to entice and exploit young and vulnerable people into criminality,\u201d the high-ranking official noted.<\/p>\n<\/p>\n

According to an article in the Daily Mail, Scotland Yard made its largest-ever cash seizure in May of this year, when a criminal dubbed \u2018moneybags\u2019 was caught \u201cstruggling to carry holdalls brimming with money.\u201d More than \u00a35 million was discovered stuffed under mattresses, in cupboards, and stacked up on the floor of a flat in West London, the publication wrote. The cash was stashed by a money-laundering gang as they \u201cdidn\u2019t know what to do with it\u201d during the Covid lockdown in Britain.<\/p>\n

\u201cCash remains king,\u201d Graham McNulty stressed, but he also acknowledged that the development of technology and online platforms has pushed some criminals towards more sophisticated methods of money laundering. The recently seized cryptocurrency is more than twice the amount of fiat cash confiscated by Scotland Yard in the last fiscal year, highlighting a trend of growing police seizures of crypto over the past years which started with the capture of over \u00a31.2 million worth of bitcoin in 2019.<\/p>\n

What are your thoughts on the latest cryptocurrency seizure in Britain? Tell us in the comments section below. <\/em><\/strong><\/p>\n

Bitcoin News
\nNews, Bitcoin, britain, british, capture, Case, confiscate, Criminals, Crypto, Cryptocurrency, detectives, Investigation, investigators, London, Met, Metropolitan Police, Metropolitan Police Service, Money Laundering, MPS, Police, police officers, Scotland Yard, seize, Seizure, U.K., uk<\/p>\n","protected":false},"excerpt":{"rendered":"

British police have carried out U.K.\u2019s largest crypto seizure to date. Detectives working on a money laundering case found a staggering \u00a3114 million worth of cryptocurrency in a suspect\u2019s account. Scotland Yard vowed to continue the investigation. UK Makes One of World\u2019s Largest Crypto Seizures Acting on intelligence about the transfer of criminal funds, specialist…<\/p>\n","protected":false},"author":0,"featured_media":8772,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8771"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8771"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8771\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8772"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}