UK police seize cryptocurrency worth $408m in money laundering probe

The British police have seized record hauls of cryptocurrency totalling 294 million pounds ($408 million) as part of a money laundering investigation.

The U.K. Metropolitan Police had earlier announced that they have made a seizure of 180 million pounds of an undisclosed cryptocurrency less than three weeks after making a 114 million pound haul on June 24. 

This seizure was considered the largest of its kind in the UK, and one of the ‘largest in the world’ by the police.

Graham McNulty, metropolitan police deputy assistant Commissioner, said “While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money.”

A 39-year-old woman was arrested on suspicion of money laundering after the first haul was discovered and has been interviewed under caution over the 180 million pound discovery.

According to detective constable Joe Ryan, this seizure is a significant landmark in their investigation.

“Today’s seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the centre of this suspected money laundering operation.”

In June, the Federal Bureau of Investigation (FBI) in the United States recovered 63.7 bitcoins valued at approximately $2.3 million paid by Colonial Pipeline as ransom to a group of hackers, known as DarkSide.

The group had hacked Colonial Pipeline, disrupting gasoline supplies across the southeastern U.S.

The funds were said to have been proceeds of a May 8 ransom payment made by Colonial Pipeline, the largest pipeline system for refined oil products in the U.S., the Justice Department said in a statement.