Investigation: UK authorities have frozen nearly $7.70 million in illegal crypto assets in a year

On March 31st, an investigation by MailOnline revealed that since April 2024, UK authorities have frozen around $7.70 million (£6 million) worth of illegal crypto assets. The rules were amended last year to give the National Crime Agency (NCA) and police special powers to freeze, seize and destroy cryptocurrencies linked to crime and criminals. These powers allow police to freeze crypto wallets for up to three years. Officers can also seize the assets if the court is satisfied that the funds originated from illegal channels or will be used for criminal purposes. This special power also enables law enforcement to seize any crypto wallets suspected of being linked to criminal organizations without arrest. Authorities have also been given powers to destroy seized crypto assets if they are deemed to be "not in the public interest" to put them back into circulation. This could include privacy coins, which criminals often use to disguise the source of their money.
According to court documents analysed by MailOnline, the largest freezing order was issued against a wallet hosted on Coinbase. The wallet contained tokens worth $1.94 million (£1.50 million). The freezing order was issued by Newcastle upon Tyne Magistrates' Court on March 18. The order was filed by HM Revenue and Customs (HMRC), suggesting that the case may be related to tax evasion. The identity of the wallet's owner remains a mystery.