U.K. officials have frozen nearly $7.7M worth of illicit crypto assets in one year
U.K. authorities have frozen around $7.7 million (£6 million) worth of illicit crypto assets since April 2024, according to an investigation by MailOnline.
Cryptocurrencies have become the asset of choice for criminals to launder illicit money and fund terrorism. To tackle this emerging threat, last year, the U.K. amended its rules to grant special power to the National Crime Agency (NCA) and police to freeze, seize, and destroy cryptocurrencies linked to crimes and criminals.
The power allows the police to freeze crypto wallets for up to three years. Officials can also seize the assets if the court is satisfied that the funds either originated from illicit sources or were going to be used for criminal purposes.
The special power also…
