UK Authorities Conduct a Record-Breaking Crypto Seizure Worth $249 Million

Detectives from the UK Metropolitan Police’s Economic Crime Command made another significant strike regarding seizing a considerable amount of cryptocurrencies in a legal procedure, surpassing the last one made on June 24. According to the announcement, the authorities conducted what it’s believed the largest crypto seizure known, worth £114 million ($249 million), in unnamed coins.

The operation was made in the context of an ongoing investigation into an international money laundering case investigated by the Met’s Economic Crime Command. Also, the UK authorities revealed that a 39-year-old woman was arrested on suspicion related to money laundering crimes on June 24, but she was released on bail.

However, the unnamed woman was later put under interrogation by the detectives after finding around £180 million worth of virtual currencies last Saturday. Still, she has been bailed to an unspecified date at some point in July. “Less than a month ago, we successfully seized £114million in cryptocurrency. Our investigation since then has been complex and wide-ranging. 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 center of this suspected money laundering operation,” Joe Ryan, Detective Constable, said.

Investigations to Continue

Furthermore, Graham McNulty, Deputy Assistant Commissioner from the UK Metropolitan Police, pointed out that the investigations will keep ongoing to trace cryptos used for illicit purposes: “The detectives on this case have worked tirelessly and meticulously to trace millions of pounds worth of cryptocurrency suspected of being linked to criminality and now being laundered to hide the trail. Those linked to this money are clearly working hard to hide it. Our investigation will stop at nothing to disrupt the transfer and identify those involved.”

At the end of June, the UK authorities seized £114 million ($158.8 million) worth in virtual currencies, reportedly related to a money laundering case.