Scotland Yard Confiscates £114mln in Bitcoin, Biggest in British History

Scotland Yard is said to have discovered £114 million in Bitcoin, which is thought to represent the profits of illegal activities. The finding was made as a consequence of an inquiry into a money laundering case after authorities were informed off by an unnamed source, as per a report.

Authorities have pledged to find individuals responsible for the Colossal money laundering scheme. As a result, no information about the inquiry will be made public. This is among the world’s greatest crypto seizures, and the largest in British history. According to findings, this is 20 times the amount recovered by officials from offenders in 2020.

Graham McNulty, deputy assistant commissioner, stated that the team has been working relentlessly to safeguard the streets and prosecute money launderers to justice. “Every single section of the Met, including our financial detectives, is trying to decrease crime on London’s streets as a top priority.”

Surrey cops were the first one to confiscate over £1.2 million in Bitcoin from a senior member of an organized crime group two years back. In 2018, the London Metropolitan Police made another high-profile capture, this time of a 25-year-old hacker. A total of $700,000 in Bitcoin was confiscated, allegedly as profits of his illegal operations.

He allegedly utilized phishing emails to trick consumers into revealing sensitive information such as passwords, credit card details, and identities, according to certain sources. He then marketed the hacked data on the dark web to merchants in exchange for Bitcoin, which he kept in numerous virtual wallets. These findings, as per Mick Gallagher, a police investigator, dispel the myth that criminals hiding behind Bitcoin can’t be caught. In general, these folks believe they can escape prosecution. That has since been proved false.

The UK has taken steps to combat the rise in crypto-related criminality by requiring all crypto businesses to register with the Financial Conduct Authority (FCA). Crypto-related crime has increased by 124 % yearly in the UK, as per Crypto Head’s study. Since 2016, there have been 24,847 crypto crimes reported, including 8,801 in 2020 alone. Surprisingly, crypto investing continues to draw the attention of adults in the United Kingdom. Adam Morris, co-founder of Crypto Head, has urged investors not to succumb to hackers.

“Please ensure you’re dealing with a reputable exchange that doesn’t charge exorbitant fees. Also, remember to keep your bitcoins in a hardware wallet or an offline wallet. Nor your keys, not your cryptocurrency – you are at danger if you do not have possession of your bitcoin in your wallet.”