$33 Million Cryptocurrency Seizes UK's National Crime Agency

The British Nationwide Crime Company (NCA) printed its 2021-22 annual report this week. The NCA “leads the UK’s combat to cut back critical and arranged crime, defending the general public by focusing on and prosecuting these criminals who pose the best danger to the UK”, its website states.

The report particulars that between April 1, 2021, and March 31, 2022, the NCA seized belongings price £59.79 million, indicating.

Property seized within the NCA’s possession as at 31 March 2022 consisted of £59.79m… in money, motor autos and different valuables suspected to be derived from prison exercise.

The NCA also noted in the report that “Criminals increasingly exploited financial technology and crypto assets” that could harm “the U.K.’s economy and institutions.”

Morgan Heavener, a partner at consultancy Accuracy, commented: “The NCA has been forced to move swiftly to try and stem the use of these cryptocurrencies in financial crimes. The lack of regulatory oversight around cryptocurrencies makes them attractive for criminals seeking to move funds around the world.”

The NCA further noted that the assets seized included cryptocurrencies worth £26.894 million ($32.75 million). However, the agency made no mention of which cryptocurrency it seized.

In the report, the NCA also stated that criminals are increasingly leveraging financial technology and crypto assets to undermine the UK economy and institutions.