May 23, 2022

MotleyBloggers

News from the world of bitcoin

Cryptocurrency Worth $435 Million Seized by 12 UK Police Forces in Five Years

U.K. police have revealed how much cryptocurrency they have seized in the past five years in response to Freedom of Information requests. The London Metropolitan Police seized more bitcoins than other police boroughs.

UK Police Reveal Information About Seized Crypto

Twelve of the U.K.’s 43 police forces have seized cryptocurrency worth approximately £322 million ($435 million) in criminal investigations in the last five years, New Scientist reported Thursday, citing Freedom of Information (FOI) requests it submitted.

Bitcoin made up 99.9% of the cryptocurrencies seized in the U.K. However, Law enforcement also seized ethereum, monero, dash, and zcash, the publication conveyed.

The police force that seized the most cryptocurrencies was the London Metropolitan Police, which seized £294 million in BTC. The Greater Manchester Police seized £25 million. Some police boroughs did not respond to the requests.

Meanwhile, the U.S. tax authority, the Internal Revenue Service (IRS), revealed in November last year that $3.5 billion in crypto was seized during the fiscal year 2021. This represents 93% of all funds seized by the tax agency’s criminal investigation unit during the same time period. The agency expects to seize billions of dollars more in cryptocurrency this year.

What do you think about the amount of bitcoin seized by U.K. police? Let us know in the comments section below.