U.K. Freezes $7.7 Million in Illicit Crypto Assets to Combat Crime

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So, it turns out that cryptocurrencies are the new black for money laundering and funding terrorism. Who knew? The U.K. government is stepping up its game and tightening those regulations like a pair of Spanx on a bad day. 💸

In a shocking twist, the largest frozen crypto wallet was chilling on Coinbase, holding a cool $1.94 million (£1.5 million) in tokens. This freeze order was issued on March 18 by the Newcastle Upon Tyne Magistrates’ Court, thanks to a little nudge from His Majesty’s Revenue and Customs (HMRC). Sounds like someone might be dodging taxes! The wallet’s owner? Still a mystery. Maybe they’re off on a tropical vacation? 🏖️

New Powers for Law Enforcement

In a bid to tackle the rise of crypto-related crimes, the U.K. decided to give the National Crime Agency (NCA) and local police some shiny new powers. They can now freeze, seize, and even destroy crypto assets linked to criminal activities. Yes, you heard that right! Police can freeze crypto wallets for up to three years. That’s longer than most of my New Year’s resolutions last! 🎉

This new legislation allows law enforcement to target crypto wallets tied to criminal organizations without even needing to make an arrest. It’s like playing whack-a-mole, but with wallets! And let’s not forget, they can destroy those pesky privacy coins that criminals love to use like a kid loves candy. 🍬

More Frozen Cryptocurrencies

Meanwhile, the U.S. Department of Justice (DOJ) has also been busy, successfully seizing about $201,400 in cryptocurrency allegedly used to fund the activities of the terrorist organization Hamas. Because nothing says “I’m a criminal” like using digital coins to fund bad behavior! 🙄

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2025-03-31 14:05