Bitcoin News

$250 Million Crypto Seized in London After $157M Confiscated

$250 Million Crypto Seized in London After $157M Confiscated

London’s Metropolitan Police has seized £180 million ($250 million) in crypto coin, shattering a previous record established. The cash was taken due to more extensive investigation against international money laundering and outnumbered the £114 million ($157 million) seized in June.

On June 24, the police detained a 39-year-old woman on suspicion of money laundering but later freed her on bail connected with the initial seizure. She was questioned under oath on July 10 regarding this recent finding and has since been released on bond.

Detective Constable Joe Ryan mentioned that the police seized about £114 million in cryptocurrencies within the month. Since then, they have been working towards wide-range inquiries, which led to tracking illegal money and figuring out what illegal activity it could be related to. Today’s seizure is yet another achievement in the investigation that will take months to complete and zero down to those involved in this illegal activity.

Graham McNulty, Assistant Commissioner, said that although cash remains a powerful asset in the world of crime, organized criminals are increasingly embracing cryptocurrencies for money laundering activities. Since it was uncharted ground for years, the department has finely trained officers and specialized teams working towards bringing down illegal activities.

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