UK Police Seize £322m Worth of Cryptocurrency in Five Years
Cryptocurrency worth £322m has been seized by UK police over the past five years, according to official figures obtained by the New Scientist publication through a freedom of information request. The funds were confiscated during various criminal investigations, shedding light on the increasing use of cryptocurrencies in illegal activities. This trend is attributed to the challenges law enforcement agencies face in seizing digital currencies compared to traditional cash. Cryptocurrencies are often protected by strong encryption, making them nearly impenetrable without the correct key. Furthermore, existing legislation in the UK makes it difficult for authorities to seize cryptocurrency, even if there are suspicions of it being obtained through criminal means.
A total of 12 out of the UK’s 48 police forces were responsible for seizing the £322m worth of cryptocurrency. However, the actual figure could be higher as 15 forces did not respond to the New Scientist’s request. Additionally, the UK’s National Crime Agency, which is not bound by freedom of information legislation, has not disclosed the amount of cryptocurrency it has seized. Bitcoin accounted for 99% of the confiscated cryptocurrencies, with small amounts of Ethereum, Dash, Monero, and Zcash also being seized.
Jake Moore, a former head of digital forensics at Dorset Police and global cybersecurity advisor at ESET, commented on the challenges faced by law enforcement in confiscating cryptocurrencies. He highlighted the inherent security features of cryptocurrencies that make them difficult to intercept or seize. Moore emphasized the need for increased resources and improved surveillance techniques to combat cybercriminal activities involving cryptocurrencies.
Europol recently reported an uptick in new money laundering techniques involving cryptocurrencies, a trend that has been exacerbated by the COVID-19 pandemic. This underscores the importance of enhancing law enforcement capabilities to address the growing criminal exploitation of digital assets.
As digital investigations continue to evolve, it is crucial for authorities to adapt their strategies and resources to effectively combat cybercrime in the cryptocurrency space. With advancements in surveillance techniques and intelligence gathering, law enforcement agencies can strengthen their ability to recover and seize illicit funds. Despite the challenges posed by the secure nature of cryptocurrencies, ongoing efforts to enhance digital forensics capabilities will play a key role in deterring criminal activities in the virtual currency realm.