Officials in the UK froze nearly $ 7.7 million in the unauthorized crypt’s crysteads in one year

Authorities in the UK froze about $ 7.7 million (£ 6m) Inappropriate crypting funds from April 2024. years, toward in investigation through mails.

Criptocurrencies have become the assets of choice for criminals for washing illegal money and fund terrorism. To deal with this threatened threat last year, the United Kingdom has changed its rules grant Special power National Crime Agency (NCA) and police freezing, catch and destroy Criptocurrency associated with crimes and criminals.

The power allows the police to freeze crypto collection for up to three years. Officials can also take advantage of assets if the court is convinced that funds or are originating from illegal sources or will be used in criminal purposes.

Special power also enables law enforcement to use all crypto cash banknotes that are suspected to do with criminal organizations, without requiring arrest.

Authorities have also been approved to destroy the seized crypto assets if they are considered to return to the circulation “not appropriate in public good.” This may include privacy coins that criminals often use to undo the origin of their funds.

The biggest freeze wallet was hosted on coins

According to court documents that were analyzed by mail, the highest freezing order was issued against one wallet hosted Coin. The wallet contained tokens 1.94 million dollars (1.5 million pounds).

The order was issued by Newcastle at the court court of Tina 18. Marta. The court’s order requested revenue and customs duties of His Majesty (HMRC), indicating that the case could be connected to the tax utility.

The identity of the wallet owner remains the mystery.

More crypto of order freeze is expected

Compared to the Kryptom in a $ 1 billion, which is all around the world or amounts seized from traditional bank accounts, the number of $ 7.7 million, Nick Barnard, a partner in the Corker Binning’s law firm said in relation to Mainonline.

According to Barnard, the UK authorities received “standing start” with new powers that introduced last year. Therefore, officers require more time to “speed up.”

However, the lawyer of Siobhain Egan, who defends clients whose property is frozen, believes that the government pays more resources towards freezing crypto to “aggressively” fight money laundering and terrorist financing. She said:

“We fully expect tsunami freezing freezing orders down the path.”

Sechineing Bernard’s views, Eagan said the authorities take “a little time to get caught in very fast moving areas”. She added that HMRC “pretty good meeting together” and that NCA became “very aggressive” towards the fight against illegal crypto.

Filling gaps in the investigative process

Eagan, director of Levis Nedas, said investigators ask the request to freeze crypt’s banknotes of alleged criminals without their knowledge. This helps officials to freeze property without giving an investigation for any possibilities for transferring funds.

In fact, freezing takes place even before investigators finalize their investigation. She noticed:

“The recipient of that (freezing) of the order will need to answer questions from the authorities that can help them build a case against them in certain circumstances.”

According to Eagan, this process, enabled new powers, helps officials influence “emptiness in the investigative process”.

Challenges are persevering

According to Eagan, most individuals whose crypt’s wallets were seized or frozen in the UK foreign citizens. Heats freezing process.

Moreover, Bernard noted that it was only practically possible to freeze the crypto held on centralized exchange or wallet providers such as coinbase, Cainbase, arm, arm or binance. In addition, it is only possible that the UK authorities use their power to freeze wallet when such organizations have a certain link from the UK

It is also possible that criminals keep their illegal crypt using private wallets that can only be accessed through their personal keys.

The lack of understanding of the crypto and Blokchain technology between the regulators and the investigative agencies is also a major obstacle. Bernard said:

“The vast majority of police police and financial investigators, does not understand CRIPTO, so there are not so much resources dedicated to understanding and research.”

In addition, Bernard believes that crypto forms a very small part of illegal funds that are made or used in criminal purposes. The huge majority of illegal funds remain washing through abundant traditional methods.

Mentioned in this article