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Scotland Yard Detectives Seize Almost £180M Worth of Cryptos

Scotland Yard Detectives Seize Almost £180M Worth of Cryptos
  • Scotland Yard Detectives made the crypto seizure of almost £180M worth of cryptos.
  • Another recent seizure in which the met confiscates £114 million in cryptocurrencies.
  • McNulty said that there is an inherent connection between money and violence.

Scotland Yard Detectives made the UK‘s biggest crypto seizure of almost £180 million worth of cryptocurrency.

In addition, apart from being the UK’s largest crypto seizure, this is also believed to be one of the largest globally. Moreover, this follows another recent seizure in which the met confiscates £114 million in cryptocurrencies.

Joe Ryan Comments on Their Investigation

More so, Joe Ryan who is the detective constable explained about their wide-ranging investigation into crypto-based money laundering. Notably, he said in less than one month they successfully seized £114 million in cryptocurrency. However, their investigation has been complex and wide-ranging.

Ryan adds,

We have worked hard to trace this money and identify the criminality it may be linked to. Today’s seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the centre of this suspected money laundering operation.

Economic Crime Command

In June 2019, the Economic Crime Command was developed as part of Central Specialist Crime. Moreover, it has highly trained officers and specialist units, dedicated to prevent and investigate fraud. However, it is the Lead Force for economic crime investigation in the UK.

Even more, Deputy Assistant Commissioner Graham McNulty made an outline of the connection between violence and money. Also, the increase in online platforms that do money laundering.

McNulty said that there is an inherent connection between money and violence. More so, the cash stays king, as technology and online platforms grow, some move to more sophisticated methods of laundering their profits. In addition, he said that they have highly trained officers and specialist units working. Furthermore, those linked to this money laundering work hard to hide it.

All-in-all, while cryptocurrency-related crime is surging globally, in the UK the police have recognized the growth of organized crime teams moving into cryptos to wash their dirty money. More so, this week’s seizure is one example of the crime unit’s crackdown on money laundering. Moreover, the investigation is going on.

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Crypto trading has enticed Alyssa Wiselin to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.