• The UK law enforcement agency has seized over £300 million since 2016.
• The cryptocurrency market has been used for money laundering and Ponzi schemes.
Authorities in the UK had confiscated around £322 million worth of cryptocurrency over the past five years. These figures were released after the agency accepted an FoI request in the data release.
The researchers suggest that within Europe, the cryptocurrency market has been used frequently for illegitimate assets such as money laundering, theft of funds, and ransoms. This occurs because the transactions are anonymous, and basically, a person can own a wallet without offering their real data.
UK Authority works against crypto theft
At least 12 law enforcement agencies have seized £322,000,000. However, the money seized by illegal businesses with cryptocurrency may be higher because there are 48 agencies, of which several have not disclosed the data.
At least 99 percent of the confiscated cryptos belong to operations with Bitcoin, the highest value token in the decentralized market. However, Ether, ZCash, XMR, and Dash seizures are also shown.
According to a former investigative agent, many of these seizures have been made to organized groups that take advantage of the lack of information from investors. The former member of the Dorset law enforcement agency indicates that although investigators have gone a long way to curb illegal crypto operations, it is a very complex issue. This is because crypto has almost impenetrable encryption technology that prevents these activities from being tracked.
Hackers become experts in illegal activities with cryptocurrency
The former police officer said that the search for these hackers is present and even more so when a digital crime is in full swing. This is because the cryptocurrency market experienced an astonishing rise in adoptions by 2021, which released the BTC, ETH, and BNB prices to their all-time highs.
Hackers know that law enforcement officers in the UK are looking for them, so they update their modus operandi occasionally. Money laundering with cryptocurrency is a priority among these organized groups that seek to evade the law somehow.
As the law enforcement authority in the UK celebrates its record high in seizures, crypto investors are becoming more aware of potential virtual scams. Shortly the national government may ask for a crypto regulation to control these cyber thefts. Crypto-theft has gained priority in the United Kingdom and countries like the United States and El Salvador, dominating the cryptocurrency market.