Biggest ever Met police seize £114million in Cryptocurrency in London

For anyone who has been to the bank and tried to withdraw large amounts
will be aware of the long process.
You will be bombarded with a list of questions and maybe even be investigated if suspicions arise.
But in the fast growing world of crypto currency this is not a issue.
Do you need to send £1million now to a associate? job done, no questions asked transaction completed in minutes.
This easy transfer of money digitally removes the risk of police seizing cash and this means gangs are drawn to it as a method to launder cash.

Today, specialist detectives investigating money laundering offences made the seizure worth £114 million – the largest cryptocurrency seizure in the UK and believed to be one of the largest globally.

The seizure was carried out by detectives from the Met’s Economic Crime Command on the back of intelligence received about the transfer of criminal assets.

The investigation continues.

Detective Constable Joe Ryan said: “Criminals need to legitimise their money otherwise it risks being seized by law enforcement. The proceeds of crime are almost always laundered to hide the origin, but by disrupting the flow of funds before they are reinvested, we can make London an incredibly difficult place for criminals to operate.”

Deputy Assistant Commissioner Graham McNulty said: “Every single part of the Met is working to reduce violence on the streets of London as an absolute priority, this includes our financial investigators.

“There is an inherent link between money and violence. Violence is used to extort, blackmail, burgle, control and exploit. It’s used to protect criminal profits and maintain control of territories.

“Cash remains king, but as technology and online platforms develop, some are moving to more sophisticated methods of laundering their profits. But, we have highly trained officers and specialist units working day and night to remain one step ahead.

“These officers not only work to disrupt and seize funds being transferred digitally, they continue to deprive criminals of hard cash. In the financial year 2020/21, we have seized more than £47 million from the hands of criminals. This cash can no longer be reinvested in crime, it cannot be used to buy and peddle drugs and weapons, and cannot be used to entice and exploit young and vulnerable people into criminality.”

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[stewartmc]

This guy's reporting has no boundaries big up scarcity

[rdprdp]

Do we know if a hardware wallet was seized or a centralised exchange account? Can the police actually access the crypto? Or have they just stopped someone accessing theirs? The only way they can “seize” crypto is if it’s on a centralised exchange, or they have your seed phrase. More info would be nice.

[grindandstack]

Another problem with the government, banking and finance is that they feel too entitled to other's people hard work earned money.

[community]

People will be kicking themselves in few weeks if they miss the opportunity to buy and invest in bitcoin

[skengblazer]

So where do the feds put the money after it's taken?
Their own Coinbase or Blockchain init

[georgeorwell]

I'm convinced satoshi was indeed government

[mufcjpp]

So who owns this 114 million of crypto now then the met police ? The government?

[BrazyUK]

How have they confiscated a digital asset?? The currencies should have been stored in a secure wallet. It's decentralised and police are unable to seize from a wallet only you have the password to!!!

[michaelm]

If these guys are capable of making that much money you can bet your ass there's a ledger hidden somewhere in no man's land

[johncopper]

Am investing in crypto now, this dip is a clear sign for new investors to come in ✅✅

[KBvisual_]

Alpha claims advert gota lil upgrade I see xD

[pilothobson]

They'll need that to pay out compensation for the next year.

[socktier]

How can the feds seize bitcoin? Unless the people gave them the password to their account?

[simetalmusic]

they need to legalize weed. lmao. that 115million can be made back.

[avaraxxblack]

This would be driving the tyrannts and their banker buddies crazy 😂🤣 their monopoly has some competition they can't just lock up.

[cynt]

Does anybody just stash it under the bed anymore 😂

[dricci]

If u cannot prove where its come from ..
You have no entitlement...
There's a few people feeling a little uneasy and in fear of actually having to work to earn money.
Hahaha

[puffpuffpass]

Fuck cryptic money.I always paid with paper it not hard to set up a company for a front it's not brain surgery don't leave a trail back to yourself and you will never get jailed .
Thanks for the news bro 🏴󠁧󠁢󠁳󠁣󠁴󠁿✌️

[larryplanck]

NO LIMITS LETS RUN THAT BITCOIN BAG UP!

[johnsonl.wilson]

Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.