UK Police Seize Cryptocurrency Worth £322m Over Five Years
According to official figures obtained by the New Scientist publication through a freedom of information request, UK police have confiscated cryptocurrency worth £322m in the past five years. This highlights the increasing use of cryptocurrencies in illegal activities, posing challenges for law enforcement in seizing digital assets compared to traditional cash.
Challenges in Seizing Cryptocurrency
One of the main challenges law enforcement face in seizing cryptocurrency is the strong encryption that protects these digital assets. Without the key, it is nearly impossible to access these funds. Additionally, existing legislation in the UK makes it difficult for authorities to confiscate cryptocurrency even when there are suspicions of it being linked to criminal activities.
Details of Seized Funds
The £322m worth of cryptocurrency was seized by 12 out of the UK’s 48 police forces. However, the actual amount could be higher as 15 forces did not respond to the request. The National Crime Agency, which is exempt from freedom of information legislation, has not disclosed the amount of cryptocurrency it has seized. Almost all of the confiscated cryptocurrencies were Bitcoin, with small amounts of Ethereum, Dash, Monero, and Zcash also being seized.
Expert Opinion
Jake Moore, a former head of digital forensics at Dorset Police and global cybersecurity advisor at ESET, commented on the challenges faced by police forces in confiscating cryptocurrency. He highlighted the difficulties in accessing encrypted funds and the evolving tactics used by cyber-criminals to evade detection. Moore emphasized the need for increased resources and better surveillance techniques to combat this growing criminal activity.
New Money Laundering Techniques
Europol reported last year that new money laundering techniques involving cryptocurrencies have been on the rise, a trend further exacerbated by the COVID-19 pandemic. This underscores the importance of law enforcement agencies enhancing their capabilities to tackle financial crimes involving digital assets.
Overall, the seizure of £322m worth of cryptocurrency by UK police over the past five years sheds light on the challenges and complexities associated with combating illegal activities in the digital realm. As technology advances, law enforcement agencies must continue to adapt and improve their strategies to effectively tackle financial crimes involving cryptocurrencies.