UK authorities freeze nearly $7.7 million worth of illegal cryptocurrency assets within a year

According to Cryptoslate, a survey by MailOnline shows that since April 2024, UK authorities have frozen illegal cryptocurrency assets worth approximately $7.7 million (£ 6 million). Last year, the UK revised its regulations to grant special powers to the National Crime Agency (NCA) and police to freeze, seize, and destroy cryptocurrencies related to crime and criminals. These powers allow the police to freeze encrypted wallets for up to three years. If the court is convinced that these funds come from illegal channels or will be used for criminal purposes, officials can also seize these assets. This special power also enables law enforcement agencies to seize any cryptocurrency wallets suspected of being associated with criminal organizations without the need for arrest. The authorities have also been granted the power to destroy seized encrypted assets if it is deemed "detrimental to the public interest" to put them back into circulation. This may include privacy coins commonly used by criminals to conceal the source of funds. According to court documents analyzed by MailOnline, the largest freezing order was issued against a wallet hosted on Coinbase. The wallet contains tokens worth $1.94 million (£ 1.5 million). The freezing order was issued by the Newcastle upon Tyne Magistrates' Court on March 18th. The court order was applied for by HM Revenue and Customs (HMRC), indicating that the case may be related to tax evasion. The identity of the wallet owner remains a mystery.