The London Metropolitan police seized $250 million worth of crypto and beat the previous record set three weeks ago of $158 million a month ago so let’s read more in our latest crypto news.
In what is believed to be one of the biggest law enforcement investigations worldwide, the London Metropolitan Police seized about $250 million worth of crypto. This marks the second significant seizure in the past few weeks after the MET confiscated $158 million last month. The amount of seized crypto over the two hauls hit $408 million. According to the Met statement, the seizures were carried out by the Economic Crime Command and form part of the ongoing investigation into international money laundering.
Commenting on the matter, Detective Constable Joe Ryan described the investigation as quite complex adding that it could continue for months to come as soon as they move over at the center of the suspected money laundering operations. A 39-year old woman was allegedly involved in the money laundering network and was arrested on June 24th and interviewed about the seizure. While the MET once again outlined that “cash still remains king in the criminal world” the task force said that as digital platforms developers we will see even more organized criminals using crypto to launder dirty money. According to Deputy Assitant Commissioner Graham McNulty, years ago, crypto was unchartered territory but the law enforcement has highly trained officers and specialists units working hard in the space to remain a step ahead of those using it for illicit purposes.
In the annual National Strategic Assessment of Serious Organized Crime which was published in May, the UK National Crime Agency said it was worried about the increasing adoption of crypto and tech advances in the field which make it easier to launder criminal money as McNulty said:
“Those linked to this money are clearly working hard to hide it, but the law enforcement will stop at nothing to disrupt the transfer and identify those involved.”
Also as recently reported, The Chinese police arrested 1000 suspects who allegedly used crypto to launder funds for telecommunications networks fraud activities. The Ministry of Public Security announced that the police cracked down on the group of people that are believed to be running an illegal criminal gang. According to the announcement, they used crypto for money laundering activities in order to avoid law enforcement.
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