Met Police seize record £180m of cryptocurrency in money laundering investigation

‘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’

Types of cryptocurrency include Bitcoin, Dogecoin and Ethereum (Getty Images)

London’s Metropolitan Police say they have seized a record £180m of cryptocurrency, which they believe has links to international money laundering.

The seizure is the largest of its kind seen in the UK, beating the last record set on 24 June when the Met confiscated £114m of cryptocurrency.

A woman, who was arrested on suspicion of money laundering on 24 June has also been interviewed regarding the latest seizure. She has since been bailed however.

The 39-year-old has since been bailed to a date later in July.

Cryptocurrencies are digital money not issued by a bank. They can be traded and invested as any other type of money, but the absence of regulations means that they can very rapidly increase and decrease in value.

Over the pandemic, the total value of all cryptocurrencies rose in value from about £175bn to more than £1.75tn.

However, their value does fluctuate and although the market reached its highest ever level at the start of May, just a few weeks later it lost more than £1tn.

Types of cryptocurrency include Bitcoin, Dogecoin and Ethereum, although the Met did not disclose which cryptocurrencies they had seized.

The seizure was made by the Met’s economic crime command, after they followed up intelligence received about the transfer of criminal assets.

Detective Constable Joe Ryan called the investigation “complex and wide-ranging,” calling the latest seizure a “significant landmark.”

He explained: “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.”

Figures from the UK’s financial watchdog indicate that in fact hundreds of thousands of people in the UK are in possession of these digital currencies.

There have also been suggestions that these currencies could be used to launder proceeds of crime, as an alternative to cash.

Deputy Assistant Commissioner Graham McNulty said: “Proceeds of crime are laundered in many different ways.

“While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money.

“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.

“Our investigation will stop at nothing to disrupt the transfer and identify those involved.”