British police seize nearly $ 160 million in cryptocurrency in money laundering case
The UK has seized 114 million pounds ($ 158.8 million) of cryptocurrency, the largest crypto seizure ever in the UK and one of the largest in the world.
London Metropolitan Police Department Headquarters, UK
The arrest was made by investigators from the Metropolitan Police Department’s Economic Crimes Command, based on intelligence. The police did not disclose which coins the seized cryptocurrency contained.
Detective Constable Joe Ryan said, “Criminals need to legalize their money or risk being confiscated by law enforcement agencies. Crime proceeds are almost always laundered to hide their origins, but by disrupting cash flows before reinvesting them, we can make London an extremely difficult place for active crime. “
“Cash is still king, but as technology and online platforms advance, some people are turning to more complex methods of money laundering. But we have highly trained officers and specialized units working around the clock to stay one step ahead. ”Law enforcement official Graham McNulty added that the investigation is expanding.
Recently in a report from the Financial Times they claim that Monero’s (XMR) security features are making it increasingly popular with criminals. This makes the work of law enforcement agencies much more difficult. The newspaper concluded that criminals are many times more likely to use XMR than BTC for payments.
According to AZCoin News